DWS Debt Schemes - DHFL Pramerica MF Debt Schemes Abridged Annual Report 2007-2008 Deutsche Asset...

Deutsche Mutual Fund

DWS Debt Schemes

Abridged Annual Report 2007-2008

Deutsche Asset Management (India)

Private Limited

2nd Floor, 222, Kodak House,

Dr. D. N. Road, Fort, Mumbai - 400 001.

Tel: +91 (22) 6658 4000

Fax: +91 (22) 2207 4411

E-mail: [email protected]

Website: www.dws-india.com

SMS: ‘DWS’ to 7333

ContactsDWS Investments

Karvy Investor Service Centres

AHMEDABAD : Broadway Business Centre, Cabin No. 3, 1st Floor, Sahjananad Complex, Opp. Citibank, Near Panchavati Petrol Pump, C. G. Road, Ahmedabad – 380 006. Tel: +91 (079) 6512 4445 / 2646 3005 / 26440810BANGALORE : Raheja Towers, 26-27, M.G. Road, Bangalore - 560 001. Tel : +91 (080) 6693 5651 / 52 / 25590110CHENNAI : Kothari Building, Ground Floor, 114 M. G. Road, Nungambakkam, Chennai - 600 034. Tel: +91 (044) 6600 9516, 6600 9400COCHIN : 510, 5th Floor, Govardhan Business Centre, Chittoor Road, Cochin - 682 035. Tel.: 0484 - 2366686 / 2366698.COIMBATORE : Krisan Business Center, New No. 81, Government Arts College Road, Coimbatore - 641 018HYDERABAD : DBS Business Centre, DBS House 1-7-43-46, Sardar Patel Road, Secunderabad – 500 003. Tel: +91 (040) 64555700 / 2784 6970.KOLKATA : Brooke House, 9 Shakespeare Sarani, Kolkata - 700 071. Tel : +91 (033) 2282 4040 / 2282 2077LUCKNOW : C/o. LA Place Park Inn Lucknow, 6, Shahnajaf Road, Hazratganj, Lucknow - 226 001 (UP) Tel : +91 (0522) 400 4040MUMBAI : 2nd Floor, 222, Kodak House, Dr. D. N. Road, Fort, Mumbai - 400 001. Tel : +91 (022) 6658 4600 / 4342 / 4305WADALA : 110, 1st Floor, Shilpin Centre, Near Wadala Udyog Bhavan, Wadala, Mumbai - 400 014. Tel.: 022-24135187 / 24135188NEW DELHI : ECE House, 28, Kasturba Gandhi Marg, New Delhi - 110 001. Tel : +91 (011) 4152 2646 / 2647 / 2014PUNE : Subjeev Business Centre, 29, East Street Galleria 2421, East Street, Pune - 411 001. Tel: +91 (020) 4006 8171 / 2635 9300VADODARA : 135, Siddharth Complex, R.C. Dutt Road, Vadodara - 390 007. Tel.: +91 (0265) 308 7538 / 308 7539

AHMEDABAD : 201-202, Shail Building, 2nd Floor, Opp. Madhusudan House, Near Navrangpura Telephone Exchange, Navrangpura, Ahemadabad - 380 006 Tel: 079- 65124445 / 26463005 / 26440810 / 1196AURANGABAD : Shop No. 214 / 215, Tapadiya City Centre, Nirala Bazar, Aurangabad 431 001. Tel.: 0240 - 2363530 / 517 /523 / 524BANGALORE : 1st Floor, Surya Building, Ratna Avenue 51 / 25, Richmond Road, Bangalore - 560 025. Tel. : 080 - 25320085.BHAVNAGAR : 1st Floor, Corporate House, Above Canara Bank, Waghawadi Road, Bhavnagar - 364 001. Tel: 0278- 2567005/006BHUBANESHWAR : 624, Sahid Nagar, Bhubaneswar - 751 007. Tel.: 0674 - 2547533 / 2547532 / 33.CHANDIGARH : SCO-371-372, First Floor, Above HDFC Bank, Sector 35B, Chandigarh - 160 022. Tel.: 0172 - 5071726 /5071727 / 5071728.CHENNAI : Flat No. F11, First Floor, Akshya Plaza, (Erstwhile Harris Road), Opp. Chief City Metropolitan Court,#108, Adhithanar Salai, Egmore, Chennai - 600 002. Tel. : 044 - 28277383 / 42028512 / 13COCHIN : Shop No. II, 2nd Floor, Jewel Arcade, (Above Oriental Insurance Ltd.), Layam Road, Cochin - 682 011. Tel.: 0484 - 4010224 / 1885.COIMBATORE : 29/1, 1st Floor, Chinthamani Nagar, Opp. to Indian Overseas Bank, NSR Road, Saibaba Colony, Coimbatore - 641 011. Tel.: 0422 - 4384770 / 4382770.DURGAPUR : Old Dutta Automobiles Building, 1st Floor, Nachan Road, Benachity, Durgapur - 713 213. Tel.: 0343 - 2586376 / 377.GURGAON : Shop No. 18, Ground Floor, Sector - 14, Opp. AKD Tower, Near Huda Office, Gurgaon - 122 001. Tel.: 0124 - 4083854 / 4086914 / 3243535 / 4086419.GUWAHATI : 2nd Floor, Ram Kumar Plaza, Chatribari Road, Near Himatshinga Petrol Pump, Guwahati - 781 001. Tel.: 0361 - 2608122 / 2608016 / 2608102.HYDERABAD : Karvy Plaza, 8-2-596, Str. No. 1, Banjara Hills, Hyderabad - 500 034. Tel. : 040 - 23312454 Extn. 124INDORE : LG - 3, Bombay Trade Centre, Lower Ground Floor, Grand Hotel , Opp. Bombay Hospital, Scheme No. 54, Indore - 452 010 . Tel.: 0731-3243601 / 05JAIPUR : S-16 A, 3rd Floor, Landmark, Opposite Jaipur Club, Mahavir Marg, C- Scheme, Jaipur - 302 001. Tel.: 0141 - 2363321 / 2375039 / 2364660.JAMNAGAR : Sanskruti, 5, Patel Colony Corner, Opp. UTI Bank, Jamnagar - 361 008. Tel: 0288- 3299330/332JAMSHEDPUR : Kanchan Tower, IIIrd Floor, Chhaganlal Dayalji & Sons, 3-S B Shop Area, (Near Traffic Signal), Main Road,Bistupur, Jamshedpur - 831 001. Tel.: 0657 - 2487045 / 2487048.KANPUR : 15/46, B, First Floor, Opp. Muir Mills, Civil Lines, Kanpur - 208 001. Tel.: 0512 - 3296000 / 3293222.KOLHAPUR : Omkar Plaza, 1st Floor, Unit - F2 & F4, Rajaram Road, Next to ICICI Bank Ltd., Kolhapur - 416 008. Tel.: 0231 - 2520650 / 55.KOLKATA : 16, Jatin Bagchi Road, Kolkata 700 029. Tel. : 033 - 24659267 / 24659263 / 39518643.LUCKNOW : 94, Mahatma Gandhi Marg, Opp. Governor House, Lucknow - 226 001. Tel. : 0522 - 3949039 /2236819 / 20 / 21.MADURAI : Rakesh Towers, 30-C, Bye Pass Road, 1st Floor, Opp. Nagappa Motors, Madurai - 625 010. Tel: 0452- 2600852/53/54MUMBAI : Das Chambers, Ground Floor, Opp. BSE & Next to Corporation Bank, Dalal Street, Fort, Mumbai - 400 023. Tel. : 022 - 66235353BORIVALI : Shankar Ashish, 1st Floor, R. C. Patel Road, Sodawala Lane, Near UTI Bank, Borivali (West), Mumbai - 400 092. Tel.: 022 - 28901247 / 0812,0648 - 2893 0550THANE : 2, Ghantali Sai Prasad Co-Op, Housing Society Ltd, Ram Ganesh Gadkari Peth, Near ICICI Bank Lane, Ghantali, Thane - 400 602. Tel.: 022 - 67924561/62 / 63 / 64NAGPUR : Sadoday Arcade, Above Top N Town, Dharampeth, Nagpur - 440 001. Tel.: 0712 - 6619382 / 0513.NASIK : F-1 Suyojit Sankul, Sharanpur Road, Nasik - 422 002. Tel.: 0253 - 6602542 / 43 / 44NEW DELHI : Karvy Computershare Pvt. Ltd., 2E / 23, Jhandewalan Extn., New Delhi - 110 055. Tel.: 011- 43681700PANJIM (GOA) : No.7 & 8, El. Dorado Plaza, Heliodoro Salgado Road, Panjim - 403 001. Tel.: 0832 - 3950660 / 2426871 / 72 / 73 / 74.PATNA : 3A, 3rd Floor, Anand Tower, Beside Chankya Cinema Hall, Exhibition Road, Patna - 800 001. Tel.: 0612 - 3209296 / 2321534PUNE : Shrinath Plaza, C-Wing, 3rd Floor, Office No. 58 & 59, Dnyaneshwar Paduka Chowk, F. C. Road, Survey No. 184 / 4, Pune - 411 004. Tel.: 020 - 25533795 / 3592 / 2783 / 9957.RAJKOT : Karvy Computershare Pvt. Ltd., 104, Siddhi Vinayak Complex, Dr. Yagnik Road, Opp. Ramkrishna Ashram, Rajkot. Tel. No.: 9328244392SALEM : 49 / 50, Fort Main Road, Old No.17, First Floor, Shevapet, Salem - 636 002. Tel: 0427- 2210835 / 836 / 983SURAT : G-16 Empire State Buliding, Nr. Udhna Darwaja, Ring Road, Surat - 395 009. Tel.: 0261 - 3017158 / 3237924.TRICHY : 60 Srikrishna Arcade, 1st Floor, Thennur High Road, Trichy - 621 017. Tel: 0431- 2791322 / 8200 / 3799 / 3800 / 1000TRIVANDRUM : 2nd Floor, Akshaya Towers, Sasthamangalam, Trivandrum - 695 010. Tel.: 0471 - 2725987 / 2725989 / 2725991.VADODARA : PICCADILLY, Office # 5, 1st Floor, Opp. Adani Super Market, Jetalpur Road, Vadodara - 390 007. Tel. : 0265 - 2225210 / 3243293.VIJAYAWADA : 39-10-7 Opp. Municipal Water Tank, Labbipet, Vijayawada - 520 010. Tel: 0866- 2495500/88VISAKHAPATNAM : 47-14-5/1 Eswar Paradise, Dwaraka Nagar, Main Road, Visakhapatnam - 530 016. Tel.: 0891 - 2513362 / 2752915 / 16 / 17 / 18.

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Contents

Trustee Report ............................................................ 2

DWS Premier Bond Fund ........................................... 6

DWS Short Maturity Fund .......................................... 12

DWS Insta Cash Plus Fund ......................................... 18

DWS Liquid Plus Fund(formerly DWS Floating Rate Fund) ............................ 26

DWS MIP Fund ........................................................... 32

DWS Money Plus Fund .............................................. 39

DWS Capital Protection Oriented Fund ....................... 46

DWS Credit Opportunities Cash Fund ......................... 51

DWS Money Plus Advantage Fund ............................. 58

DWS Quarterly Interval Fund - Series 1 ...................... 64

Sponsors / Co-Sponsors

Deutsche Asset Management (Asia) Limited

Registered Office :

20 Raffles Place, #27-01 Ocean Towers,

Singapore 048620.

Deutsche India Holdings Private Limited

5th Floor, Nicholas Piramal Tower,

Peninsula Corporate Park, Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013.

Asset Management Company

Deutsche Asset Management (India) Private Limited

Registered & Corporate Office :

2nd Floor, 222, Kodak House, Dr. D. N. Road, Fort,

Mumbai 400 001.

Trustee

Deutsche Trustee Services (India) Private Limited

Registered Office :

2nd Floor, 222, Kodak House, Dr. D. N. Road,

Fort, Mumbai 400 001.

Custodian

JP Morgan Chase Bank

Mafatlal Centre, 9th Floor,

Nariman Point, Mumbai 400 021.

Registrars & Transfer Agents

Karvy Computershare Private Limited

46, Road No. 4, Street No. 1,

Banjara Hills, Hyderabad 500 034.

Auditors to the Fund & Tax Advisors

Price Waterhouse

252, Veer Savarkar Marg, Opp. Shivaji Park,

Dadar (West), Mumbai 400 028.

Board of Directors of the

Trustee Company

Mr. Gunit Chadha - Chairman

Mr. M. H. Kania

Mr. A. S. Mitra

Mr. Y. B. Desai

Mr. Debabrata Bhadury

Board of Directors of the

Asset Management Company

Mr. K. M. Gherda - Chairman

Mr. V. P. Gokhale

Mr. Paul King (w.e.f. February 12, 2008)

Mr. Bhalchandra Bhide

Mr. Suresh Soni (w.e.f. August 28, 2008)

Abridged Annual Report 2007-2008 Deutsche Mutual Fund

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Trustee Report

1 Scheme Performance, Future Outlook and Operations of the Schemes

DWS Premier Bond Fund

The scheme was launched in January 2003. The scheme had a corpus of Rs. 1.65 crores as at 31st March 2007 which hasincreased to Rs. 39.94 crores as at March 31, 2008. The performance record as at March 31, 2008 is as follows:

Particulars DWS Premier Bond Fund Benchmark ReturnsCRISIL Composite Bond Fund Index

Last 1 Year* 7.07% 8.25%

Since Inception 4.93% 4.49%

DWS Short Maturity Fund

The scheme was launched in January 2003 and had a corpus of Rs. 10.55 crores as at 31st March 2007 which has increased to Rs.341.08 crores as at March 31, 2008. The performance record as at March 31, 2008 is as follows:

Particulars DWS Short Maturity Fund Benchmark ReturnsCrisil Short Term Bond Fund Index

Last 1 Year* 9.18% 8.84%


DWS Insta Cash Plus Fund

The scheme was launched in January 2003 with Dividend and Growth options. The scheme had a corpus of Rs. 513.13 Crores asat 31st March 2007 and as at March 31, 2008, the corpus has increased to Rs. 1488.90 crores. The performance record as atMarch 31, 2008 is as follows:

Particulars Deutsche Insta Benchmark Deutsche Insta Benchmark Deutsche Insta BenchmarkCash Plus Fund Returns Cash Plus Fund Returns Cash Plus Fund Returns

(Regular) CRISIL Liquid (Institutional) CRISIL Liquid (Super CRISIL LiquidFund Index Fund Index Institutional) Fund Index

Last 1 Year* 8.01% 7.54% 8.17% 7.54% NA NA

Since Inception 6.09% 5.42% 6.63% 5.83% 8.52% 6.97%

DWS Liquid Plus Fund (formerly known as DWS Floating Rate Fund)

The scheme was launched in October 2003 and had a corpus of Rs. 51.72 Crores as at March 31, 2007. This has increased toRs.150.89 crores as at March 31, 2008. The performance record as at March 31, 2008 is as follows:

Particulars DWS Floating Rate Fund Benchmark ReturnsCRISIL Liquid Fund Index

Last 1 Year* 8.38% 7.54%


DWS MIP Fund

The scheme was launched in January 2004 with two plans having equity exposure up to 20% & 10% respectively. The schemehad a combined corpus of Rs 6.35 crores as at March 31, 2007. As at March 31, 2008, the combined corpus stood reduced at Rs.5.24 crores. The performance record as at March 31, 2008 is as follows:

Particulars DWS MIP Fund Benchmark Returns DWS MIP Fund - Benchmark Returns- Plan A CRISIL MIP Index Plan B CRISIL MIP Index

Last 1 Year* 13.01% 11.18% 9.05% 11.18%

Since Inception 8.52% 7.41% 6.30% 7.41%

DWS Money Plus Fund

The scheme was launched in February 2006. The scheme had a corpus of Rs. 670.42 crores as at 31st March 2007 which hasrisen to Rs. 2038.92 crores as at March 31, 2008. The performance record as at March 31, 2008 is as follows:

Particulars DWS Money Benchmark Returns DWS Money Benchmark ReturnsPlus Fund CRISIL Liquid Plus Fund CRISIL Liquid(Regular) Fund Index (Institutional) Fund Index

Last 1 Year* 8.62% 7.54% 8.84% 7.54%

Since Inception 8.16% 6.95% 8.73% 7.29%

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Trustee Report

DWS Capital Protection Oriented Fund

The scheme was launched in April 2007. The scheme corpus was Rs. 16.10 crores as at 31st March 2008. The performancerecord as at March 31, 2008 is as follows:

Particulars DWS Capital Protection Fund Benchmark ReturnsCRISIL MIP Fund Index

Last 1 Year NA NA

Since Inception* 12.01% 8.13%

DWS Credit Opportunities Cash Fund

The scheme was launched in June 2007. The scheme corpus was Rs. 1062.57 crores as at 31st March 2008. The performancerecord as at March 31, 2008 is as follows:

Particulars DWS Credit Benchmark Returns DWS Credit Benchmark ReturnsOpportunities CRISIL Liquid Opportunities CRISIL Liquid

Cash Fund (Regular) Fund Index (Regular) Cash Fund (90 days) Fund Index (90 days)

Last 1 Year NA NA NA NA

Since Inception* 7.10% 5.02% 2.07% 1.93%

DWS Money Plus Advantage Fund

The scheme was launched in November 2007. The scheme has a corpus of Rs. 514.44 crores as at 31st March 2008. Theperformance record as at March 31, 2008 is as follows:

Particulars DWS Money Plus Benchmark Returns DWS Money Plus Benchmark ReturnsAdvantage Fund CRISIL MIP Fund Index Advantage Fund CRISIL MIP Fund Index

(Regular) (Institutional)

Last 1 Year NA NA NA NA

Since Inception* 3.48% -0.92% 3.57% -0.92%

DWS Quarterly Interval Fund - Series 1

The scheme was launched in June 2007. The scheme corpus was Rs. 301.86 crores as at 31st March 2008. The performancerecord as at March 31, 2008 is as follows:

Particulars DWS Quarterly Benchmark ReturnsInterval Fund - Series 1 CRISIL Short Term Bond Fund Index

Last 1 Year NA NA

Since Inception* 7.05% 6.32%

*Absolute Returns, other performance figures are based on CAGR. Past Performance may or may not be sustained in future andshould not be used as basis of comparison with other investments. Performances calculated on Growth Plan NAV. Returns do nottake in to account the entry load. Since inception returns are calculated on Rs. 10 invested on inception. Inception date is deemedas date of NFO closing for scheme.

Future Outlook :

The high level of crude oil and other commodity prices have dampened the macro-economic outlook to some extent. The currentenvironment of high inflation and high interest rates is likely to persist in this financial year. Consequently, it is likely that the GDPgrowth for the year will be in the range of 7 to 7.5% for the current year, which is lower than that of the previous year. However,the growth rate is still quite strong on an absolute basis. Considering the credit contraction in the western markets and the tigherliquidity in the local markets, it is likely that institutional activity in the stock markets will remain subdued. Hence, in spite ofreasonable valuations and longer term prospects remaining positive, it is likely that markets may remain range bound markets formost of the current year.

The key agenda for the Government this year would be to control inflation and at the same time, ensure that the economycontinues to grow at a high rate. While global trends indicate a general slow down, it is more of fall in growth rates than the signalsof recessionary trends.

Investors should continue to get guided by appropriate asset allocation to minimize risks and build a strong portfolio of investmentsfor realizing their investment objectives.

2 Brief background of Sponsors, Trustee Company and AMC Company

a. Deutsche Mutual Fund

Deutsche Mutual Fund had been constituted as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 (2 of1882) vide a Trust Deed dated May 29, 2002. The Fund has been registered with SEBI vide registration number MF/047/02/10 dated 28th October 2002. Deutsche Trustee Services (India) Private Limited is the trustee to the Fund and Deutsche AssetManagement (India) Private Limited has been appointed as Asset Management Company for all the Schemes of Mutual Fundvide Investment Management Agreement dated 29th May 2002.

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b. Deutsche Trustee Services (India) Private Limited

The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. TheTrustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the TrustDeed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordancewith the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association ofMutual Funds in India and other regulatory agencies.

3 Investment Objective of the scheme

DWS Premier Bond Fund

The investment objective of the Scheme is to provide regular income by investing in debt securities including bonds and moneymarket instruments.

DWS Short Maturity Fund

The investment objective of the Scheme is to generate steady returns with low to medium market risk for investors by investingin a portfolio of short – medium term debt and money market securities.

DWS Insta Cash Plus Fund

The investment objective of the scheme is to generate steady returns with high liquidity by investing in a portfolio of short-term,high quality money market and debt instruments.

DWS Liquid Plus Fund (formerly known as DWS Floating Rate Fund)

The investment objective of the Scheme is to provide liquidity and generate stable returns by investing in a mix of short term debtand money market instruments.

DWS MIP Fund

The investment objective of the Scheme is to generate regular income (No Assured Return) in order to make regular dividendpayments and growth of capital.

DWS Money Plus Fund

The investment objective of the scheme is to generate steady return by investing in debt and money market securities across thecredit spectrum. The portfolio will be invested in money market instruments and investment grade debt securities with an aim topreserve capital and offer higher return and moderate liquidity over a short medium term.

DWS Capital Protection Oriented Fund

The investment objective of the scheme is to protect the capital by investing in high quality fixed income securities and generatecapital appreciation by investing in equity and equity related instruments.

DWS Credit Opportunities Cash Fund

The investment objective of the Scheme is to generate regular income by investing primarily in investment grade fixed incomesecurities / money market instruments.

DWS Money Plus Advantage Fund

The investment objective of the Scheme is to generate regular income by investing primarily in investment grade fixed incomesecurities / money market instruments, and to attain capital appreciation by investing a small portion in equity / equity relatedinstruments.

DWS Quarterly Interval Fund - Series 1

The investment objective of the Scheme is to protect generate regular income by investing into debt and money market securities.

4 Accounting Policies

Accounting policies followed by the scheme are in accordance with the accounting policies and standards specified in the NinthSchedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the “Regulations”) and amendmentsthereto, as applicable.

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5 Unclaimed Dividends & Redemptions

Following are the Summary of number of Investors & Corresponding amount :

Unclaimed Dividends Unclaimed Redemptions

Scheme Amount (Rs.) No. of Investors Amount (Rs.) No. of Investors

DWS Premier Bond Fund 27,961 48 67,217 3

DWS Short Maturity Fund 50 1 – –

DWS Insta Cash Plus Fund: – – 3,068 1

DWS Liquid Plus Fund(formerly known as DWS Floating Rate Fund) 35,733 1 2,036 2

DWS MIP Fund Plan A 15,841 31 16,000 1

DWS MIP Fund Plan B 15,265 13 – –

DWS Money Plus Fund 477 1 4,499 1

DWS Capital Protection Oriented Fund – – – –

DWS Credit Opportunities Cash Fund – – – –

DWS Money Plus Advantage Fund – – – –

DWS Quarterly Interval Fund - Series 1 – – – –

6 Statutory Information:

a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond theirinitial contribution of Rs. 1 lakh for setting up the Fund, and such other accretions / additions to the same.

b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in themarket value of its underlying investments.

c. Full Annual Report shall be disclosed on the website www.dws-india.com and shall be available for inspection at the HeadOffice of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of theFund / AMC at a price.

For Deutsche Trustee Services (India) Private Limited

Gunit Chadha A. S. Mitra

Director Director

Place: MumbaiDate: August 28, 2008

Trustee Report

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Auditors' Report

To the Trustee,

DEUTSCHE MUTUAL FUND

1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Premier Bond Fund ("The Scheme") as at March 31, 2008and the related Revenue Account for the year ended on that date, both of which we have signed under reference to this report.These financial statements are the responsibility of the Trustee of Deutsche Mutual Fund and the Management of Deutsche AssetManagement (India) Private Limited (the "Management"). Our responsibility is to express an opinion on these financial statementsbased on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Ourprocedures included confirmation of securities owned at March 31, 2008 by correspondence with the custodian and others. Anaudit also includes assessing the accounting principles used and significant estimates made by the Management as well asevaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for thepurpose of our audit. The Balance Sheet and the Revenue Account referred to above are in agreement with the books of accountof the Scheme.

4. In our opinion and to the best of our information and according to the explanations given to us,

(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Premier Bond Fund as at March 31,2008 and its net deficit for the year ended on that date.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the year ended on that date, together with the notesthereon have been prepared in all material respects in accordance with the accounting policies and standards specified in theNinth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto asapplicable.

(iii) The methods used to value non-traded and thinly traded debt securities as at March 31, 2008 as determined by DeutscheAsset Management (India) Private Limited under procedures approved by the Trustee of Deutsche Mutual Fund in accordancewith the guidelines for valuation of securities for mutual funds dated September 18, 2000 and amendments thereto, asapplicable, issued by the Securities and Exchange Board of India are fair and reasonable.

K. H. Vachha

Partner

Membership No. F/30798

For and on behalf ofPRICE WATERHOUSE

Chartered Accountants

Place : MumbaiDate : August 29, 2008

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Abridged Balance Sheetas at March 31, 2008

For Deutsche Trustee Services (India) Private Limited For Deutsche Asset Management (India) Private Limited

Gunit Chadha M. H. Kania Kersi M. Gherda Suresh Soni

Director Director Director Director

Y. B. Desai A. S. Mitra Paul King Bhalchandra Bhide


Debabrata Bhadury Vijay P. Gokhale Dwijendra Srivastava

Director Director Portfolio Manager

Place: MumbaiDate : August 28, 2008

Rupees in Lakhs

As at As atMarch 31, 2008 March 31, 2007

LiabilitiesUnit Capital 3,192.45 145.03

Reserves and Surplus

Unit Premium Reserves 181.65 (52.22)

Other Reserves 619.48 72.24

Current Liabilities and Provisions

Other Current Liabilities and Provisions 9.22 2.46

TOTAL 4,002.81 167.50

AssetsInvestments

Listed Securities:

Other Debentures and Bonds 1,925.55 98.78

Unlisted Securities

Other Debentures and Bonds - 6.27

Government Securities 1,825.92 46.52

Commercial Paper 105.47 -

Total Investments 3,856.94 151.58

Other Current Assets

Cash and Bank Balance 64.28 8.79

Others 81.59 7.13

TOTAL 4,002.81 167.50


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Abridged Revenue Accountfor the year ended March 31, 2008

Rupees in Lakhs

April 01, 2007 to April 01, 2006 toMarch 31, 2008 March 31, 2007

Income

Interest 84.24 24.08

Realised Gains / (Losses) on Interscheme sale of investments (4.18) (1.29)

Realised Gains / (Losses) on External sale / redemption of investments (10.65) (5.45)

(A) 69.41 17.35

Expenses

Management fees 2.59 2.74

Service tax on Management fees 0.32 0.34

Transfer agents fees and expenses 2.70 1.26

Custodian fees 0.41 0.27

Trusteeship fees 0.09 0.03

Commission to Agents 6.94 1.80

Marketing & Distribution expenses 0.19 -

Audit fees 0.13 0.01

Other operating expenses 2.75 2.85

Expenses to be Reimbursed by the Investment Manager (4.02) (3.21)

(B) 12.10 6.09

NET REALISED GAINS FOR THE YEAR (A - B = C) 57.31 11.27

Change in Unrealised Depreciation in value of investments (D) 73.52 0.39

NET GAINS FOR THE YEAR (E = (C - D)) (16.21) 10.88

Change in unrealised appreciation in the value of investments (F) - (0.30)

NET SURPLUS FOR THE YEAR (E + F = G) (16.21) 10.58

Add: Balance transfer from Unrealised Appreciation Reserve - 0.30

Less: Balance transfer to Unrealised Appreciation Reserve - -

Add / (Less): Equalisation 568.65 (24.71)

Total 552.45 (13.84)

Dividend appropriation

Income Distributed during the year 4.46 2.53

Tax on income distributed during the year 0.74 0.36

Retained Surplus / (Deficit) carried forward to Balance Sheet 547.24 (16.72)

Notes to Accounts - Annexure I

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Key Statisticsfor the year ended March 31, 2008


1. NAV per unit (Rs.):

Opening

Growth Option 11.9855 11.6593

Monthly Dividend Option 10.4259 10.4851

Quarterly Dividend Option 10.0455 10.1620

Annual Dividend Option 10.3973 10.8041

Highest





Lowest





Closing





2. Assets Under Management (Rs. in Lakhs)

Closing 3,994 165

Average (AAuM) 920 304

3. Gross income as % of AAuM 7.55% 5.70%

4. Expense Ratio:

a. Total Expense as % of AAuM

Growth Option 1.32% 2.00%

Monthly Dividend Option 1.32% 2.00%

Quarterly Dividend Option 1.32% 2.00%

Annual Dividend Option 1.32% 2.00%

b. Management Fee as % of AAuM



Quarterly Dividend Option 0.28% 0.90%

Annual Dividend Option 0.28% 0.90%

5. Net Income as a percentage of AAuM 6.23% 3.70%

6. Total Dividend per unit distributed during the year (plan wise)



Annual Dividend Option - 0.3500

7. Returns:

a. Last One Year

Scheme


Benchmark

Crisil Composite Bond Fund Index 8.25% 3.72%

b. Since Inception

Scheme


Benchmark

Crisil Composite Bond Fund Index 4.49% 3.62%


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Notes to Accounts - Annexure Ito the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2008

1 Investments:-

1.1. All Investments of the Scheme are registered in the name of Trustees for the benefit of the Scheme Unitholders.

1.2. Open Positions of derivatives as at the Year ended March 31, 2008 and March 31, 2007 are NIL.

1.3. There were no investments in Associates and Group Companies as at the Year ended March 31, 2008 and March 31, 2007.

1.4. There was no open position of Securities Borrowed and / or Lent by the scheme as at March 31, 2008 and March 31, 2007.

1.5. There were no Non-Performing Assets as at March 31, 2008 and March 31, 2007.

1.6. Aggregate Unrealised Gain / Loss of the scheme as at the Year ended March 31, 2008 and March 31, 2007 and their percentagesto net assets are as under :

Security Amount (Rs.) Percentage to Amount (Rs.) Percentage to

Category Net Assets Net Assets

March 31, 2008 March 31, 2007

NCDs and

Bonds Listed /

Awaiting Listing

- Appreciation - - - -

- Depreciation 2,426,921 0.61 434,309 2.63

Privately Placed

NCDs / Bonds


- Depreciation - - 24,257 0.15

Government of

India Securities


- Depreciation 5,578,428 1.40 195,185 1.18

1.7. The aggregate value of investment securities purchased and sold during the financial year March 31, 2008 is Rs. 842,255,254(excluding accretion of discount Rs.1,681,930) and Rs. 464,566,798 respectively being 915.95% and 505.22% of the averagedaily net assets. The aggregate value of investment securities purchased and sold during the financial year March 31, 2007 isRs. 103,476,714 (excluding accretion of discount Rs. 560,205) and Rs. 128,574,121 respectively being 340.10% and 422.59%of the average daily net assets.

1.8. Non-Traded securities in the portfolio as of the Year ended March 31, 2008 and March 31, 2007 and their percentages to netassets are as under :

Security Fair Value (Rs.) Percentage to Fair Value (Rs.) Percentage to

Category Net Asset Net Asset

March 31, 2008 March 31, 2007

Debt Instruments 192,555,133 48.22 10,505,802 63.65

Money MarketInstruments 10,546,841 2.64 - -

Total 203,101,974 50.86 10,505,802 63.65

2 Details of Transaction with Associates under Regulation 25(8).

Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 7,655 (2007 : Rs. 7,307) and Rs. 26 (2007 : Rs.1,996) respectively forprocuring unit subscriptions for the Scheme. The commission paid was at rates similar to those offered to other distributors.

3 There were no unit holders holdings over 25% of the NAV of the Scheme as at March 31, 2008 and March 31, 2007.

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4 Planwise details of movement in units -

Description 2007 - 2008

Opening Subscription Redemption Closing Face Value

Growth 957,343.686 27,003,801.545 1,584,753.978 26,376,391.253 263,763,912

Annual Dividend 101,859.137 3,602.867 45,452.614 60,009.390 600,094

Quarterly Dividend 278,891.504 562,636.702 66,160.976 775,367.230 7,753,672

Monthly Dividend 112,204.766 5,081,675.424 481,129.687 4,712,750.503 47,127,506



Growth 2,588,491.080 1,800,175.703 3,431,323.097 957,343.686 9,573,437

Annual Dividend 213,026.611 5,833.227 117,000.701 101,859.137 1,018,591

Quarterly Dividend 806,949.524 7,752.954 535,810.974 278,891.504 2,788,915

Monthly Dividend 123,196.942 85,522.947 96,515.123 112,204.766 1,122,049

5 Prior year’s figures have been regrouped / rearranged where appropriate.

6 No contingent liabilities for the Year ended March 31, 2008 and March 31, 2007.


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DEBT - DWS Short Maturity Fund

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Short Maturity Fund ("The Scheme") as at March 31, 2008and the related Revenue Account for the year ended on that date, both of which we have signed under reference to this report.These financial statements are the responsibility of the Trustee of Deutsche Mutual Fund and the Management of Deutsche AssetManagement (India) Private Limited (the "Management"). Our responsibility is to express an opinion on these financial statementsbased on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Short Maturity Fund as at March 31,2008 and its net surplus for the year ended on that date.


(iii) The methods used to value,

a) Privately placed debt securities in good faith and

b) Non-traded and thinly traded debt securities in accordance with the guidelines for valuation of securities for mutual fundsdated September 18, 2000 and amendments thereto, as applicable, issued by the Securities and Exchange Board ofIndia

as at March 31, 2008 as determined by Deutsche Asset Management (India) Private Limited under procedures approved bythe Trustee of Deutsche Mutual Fund are fair and reasonable.

K. H. Vachha

Partner




Place: MumbaiDate: August 29, 2008

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Rupees in Lakhs


Liabilities

Unit Capital 32,847.98 905.90

Reserves & Surplus


Unrealised Appreciation Reserve 44.23 -

Other Reserves 1,000.32 152.34



TOTAL 34,758.10 1,060.74

Assets

Investments

Listed Securities:


Unlisted Securities


Securitised Debt 10,280.73 -

Government Securities 4,743.92 -

Treasury Bills 214.71 -

Commercial Paper 59.52 -

Certificate of Deposits 1,910.20 -

Total Investments 33,580.17 1,000.37



Others 1,119.27 29.66

TOTAL 34,758.10 1,060.74



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Rupees in Lakhs


Income

Interest 2,484.60 573.00


Realised Gains / (Losses) on External sale / redemption of investments 119.85 (72.50)

(A) 2,409.01 378.45

Expenses







Marketing and Distribution expenses 7.17 -



(B) 247.79 63.88

NET REALISED GAINS FOR THE YEAR (A - B = C) 2,161.22 314.57

Change in Unrealised Depreciation in value of investments (D) 124.63 (138.70)

NET GAINS FOR THE YEAR (E = (C - D)) 2,036.59 453.27

Change in unrealised appreciation in the value of investments (F) 44.23 -

NET SURPLUS FOR THE YEAR (E + F = G) 2,080.82 453.27

Add: Balance transfer from Unrealised Appreciation Reserve - -

Less: Balance transfer to Unrealised Appreciation Reserve 44.23 -

Add / (Less): Equalisation 863.64 (560.84)

Total 2,900.23 (107.57)


Income Distributed during the year 1,704.56 154.41


Retained Surplus / (Deficit) carried forward to Balance Sheet 847.98 (295.43)


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Opening


Weekly Dividend Option 10.1637 10.0933


Highest




Lowest




Closing





Closing 34,108 1,055

Average (AAuM) 27,532 7,080


4. Expense Ratio:



Weekly Dividend Option 0.90% 0.90%







6. Total Dividend per unit distributed during the year



7. Returns:

a. Last One Year

Scheme


Benchmark

Crisil Short Term Bond Fund Index 8.84% 5.68%

b. Since Inception

Scheme


Benchmark

Crisil Short Term Bond Fund Index 5.31% 4.49%


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1 Investments:-






1.6. Aggregate Unrealised Gain / Loss of the scheme as at the Year ended March 31, 2008 and March 31, 2007 and their percentagesto net assets are as under :



March 31, 2008 March 31, 2007

NCDs and Bonds

Listed / Awaiting

Listing

- Appreciation 541,093 0.02 - -

- Depreciation 7,245,746 0.21 4,555,167 4.32

Privately Placed

NCDs/Bonds

- Appreciation 50,350 0.00 - -

- Depreciation 433,963 0.01 - -

Government of

India Securities


- Depreciation 9,896,524 0.29 - -

Securitised Debt

- Appreciation 5,507,794 0.16 - -

- Depreciation 1,084,645 0.03 - -

Treasury Bills


- Depreciation 33,188 0.00 - -

1.7. The aggregate value of investment securities purchased and sold during the financial Year March 31, 2008 is Rs. 31,944,113,046(excluding accretion of Discount Rs.116,898,604) and Rs. 28,787,432,568 respectively being 1160.24% and 1045.58% ofthe average daily net assets. The aggregate value of investment securities purchased and sold during the financial Year March31, 2007 is Rs. 7,277,589,439 (excluding accretion of discount Rs. 19,230,818) and Rs. 8,190,892,057 respectively being1027.86% and 1156.85% of the average daily net assets.

1.8. Non-Traded securities in the portfolio as of the Year ended March 31, 2008 and March 31, 2007 and their percentages to netassets are as under :



March 31, 2008 March 31, 2007

Debt Instruments 2,665,181,674 78.14 100,037,302 94.85

Money MarketInstruments 196,972,014 5.77 - -

Total 2,862,153,688 83.92 100,037,302 94.85

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Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 875,771 (2007: 352,018) and Rs. 5,103 (2007: 633) respectively forprocuring unit subscriptions for the Scheme. The commission paid was at rates similar to those offered to other distributors.





Regular Growth 5,788,107.113 124,411,552.575 112,949,106.081 17,250,553.607 172,505,537

Weekly Dividend 2,081,661.877 1,106,788,681.382 809,790,774.588 299,079,568.671 2,990,795,686

Monthly Dividend 1,189,260.705 49,004,260.090 38,043,807.349 12,149,713.446 121,497,135



Regular Growth 23,152,178.955 125,615,364.080 142,979,435.922 5,788,107.113 57,881,072

Weekly Dividend 67,346,744.440 138,496,147.449 203,761,230.012 2,081,661.877 20,816,618






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DEBT - DWS Insta Cash Plus Fund

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Insta Cash Plus Fund ("The Scheme") as at March 31, 2008,the related Revenue Account for the year ended March 31, 2008 and the Cash Flow Statement for the year ended March 31, 2008which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of DeutscheMutual Fund and the Management of Deutsche Asset Management (India) Private Limited (the "Management"). Our responsibilityis to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Ourprocedures included confirmation of securities owned at March 31, 2008 by correspondence with the custodian. An audit alsoincludes assessing the accounting principles used and significant estimates made by the Management as well as evaluating theoverall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for thepurpose of our audit. The Balance Sheet, the Revenue Account and the Cash Flow Statement referred to above are in agreementwith the books of account of the Scheme.


(i) The Balance Sheet, the Revenue Account and the Cash Flow Statement together with the notes thereon give the informationrequired by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (Regulations),as applicable, and also give respectively, subject to paragraph 4.1 below and the related note to the financial statementsreferred to therein with consequential effect on the Scheme's surplus for the year and relevant items on the Balance Sheet,a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Insta Cash Plus Fund as at March 31, 2008, its netsurplus for the year ended March 31, 2008 and its cash flows for the year ended March 31, 2008.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the year ended March 31, 2008 together with thenotes thereon have been prepared in all material respects in accordance with the accounting policies and standards specifiedin the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendmentsthereto as applicable.


(a) Privately placed debt securities in good faith and

(b) Non-traded and thinly traded debt securities in accordance with the guidelines for valuation of securities for mutual fundsdated September 18, 2000 and amendments thereto, as applicable, issued by the Securities and Exchange Board ofIndia


4.1. Annexure I - Note 5 regarding dividend distributed on various record dates during the year aggregating to Rs. 296,880 in theRegular Plan - Regular Dividend Option without considering the debit balance in unit premium reserve.

5. We draw reference to Annexure I Note 6 regarding investment in short term deposits of scheduled commercial banks by theScheme which is not in compliance with circular no. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 issued by the Securitiesand Exchange Board of India.

K. H. Vachha

PartnerMembership No. F/30798




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Rupees in Lakhs


Liabilities

Unit Capital 144,211.61 47,855.84


Unit Premium Reserves (83.25) (64.40)


Other Reserves 4,731.17 3,510.46



TOTAL 149,744.02 51,405.82

Assets

Investments

Listed Securities:

Other Debentures and Bonds 6,216.83 21,056.60

Unlisted Securities


Securitised Debt 18,054.08 7,086.33

Commercial Paper 26,919.25 3,278.70

Certificate of Deposit 86,524.34 12,126.80


Deposits 0.72 1,501.00


Cash and Bank Balance 3,004.05 812.79

Others 152.41 564.55

TOTAL 149,744.02 51,405.82



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Rupees in Lakhs


Income

Interest 12,329.40 11,389.28


Realised Gains / (Losses) on External sale / redemption of investments 63.47 111.51

Other Income (3.63) 0.48

(A) 12,301.24 11,497.19

Expenses







Marketing and Distribution expenses 33.66 0.46



Expenses to be Reimbursed by the Investment Manager - (7.93)

(B) 724.00 806.54

NET REALISED GAINS FOR THE YEAR (A - B = C) 11,577.24 10,690.66

Change in Unrealised Depreciation in value of investments (D) (18.98) (43.73)

NET GAINS FOR THE YEAR (E = (C - D)) 11,596.22 10,734.39

Change in unrealised appreciation in the value of investments (F) 26.78 (23.12)

NET SURPLUS FOR THE YEAR (E + F = G) 11,623.00 10,711.27

Add: Balance transfer from Unrealised Appreciation Reserve 3.64 26.76

Less: Balance transfer to Unrealised Appreciation Reserve 30.42 3.64

Add / (Less): Equalisation (4,581.44) (2,975.57)

Total 7,014.78 7,758.82


Income Distributed during the year 4,518.65 5,235.04

Tax on income distributed during the year 1,271.79 1,142.52

Retained Surplus carried forward to Balance Sheet 1,224.35 1,381.26


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1. NAV per unit (Rs.):OpeningRegularGrowth Option 12.5900 11.7453Daily Dividend Option 10.3010 10.3010Weekly Dividend Option 10.2252 10.1631Monthly Dividend Option 10.2095 10.2095InstitutionalGrowth Option 11.7783 10.9715Daily Dividend Option 10.0195 10.0195Weekly Dividend Option 10.1312 10.0653Monthly Dividend Option 10.0825 10.0781HighestRegularGrowth Option 13.5913 12.5900Daily Dividend Option 10.3010 10.3010Weekly Dividend Option 10.2747 10.2344Monthly Dividend Option 10.5299 10.2706Weekly Bonus Option 10.6834 -InstitutionalGrowth Option 12.7335 11.7783Daily Dividend Option 10.0195 10.0195Weekly Dividend Option 10.1822 10.1409Monthly Dividend Option 10.1772 10.1387Super InstitutionalGrowth Option 10.4769 -Daily Dividend Option 10.0261 -Weekly Dividend Option 10.0483 -LowestRegularGrowth Option 12.6041 11.7475Daily Dividend Option 10.3010 10.3010Weekly Dividend Option 10.2198 10.1627Monthly Dividend Option 10.2279 10.1631Weekly Bonus Option 10.0000 -InstitutionalGrowth Option 11.7916 10.9736Daily Dividend Option 10.0195 10.0195Weekly Dividend Option 10.1222 10.0651Monthly Dividend Option 10.0000 10.0320Super InstitutionalGrowth Option 10.0000 -Daily Dividend Option 10.0000 -Weekly Dividend Option 10.0000 -ClosingRegularGrowth Option 13.5913 12.5900Daily Dividend Option 10.3010 10.3010Weekly Dividend Option 10.2673 10.2252Monthly Dividend Option 10.5083 10.2164Weekly Bonus Option 10.0898 -InstitutionalGrowth Option 12.7334 11.7783Daily Dividend Option 10.0195 10.0195Weekly Dividend Option 10.1749 10.1312Monthly Dividend Option - 10.0825Super InstitutionalGrowth Option 10.4769 -Daily Dividend Option 10.0200 -Weekly Dividend Option 10.0410 -

2. Assets Under Management (Rs. in Lakhs)Closing 148,890 51,302Average (AAuM) 188,826 156,653



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4. Expense Ratio:a. Total Expense as % of AAuM

RegularGrowth Option 0.66% 0.65%Daily Dividend Option 0.66% 0.65%Weekly Dividend Option 0.66% 0.65%Monthly Dividend Option 0.66% 0.65%Weekly Bonus Option 0.50% -InstitutionalGrowth Option 0.51% 0.50%Daily Dividend Option 0.51% 0.50%Weekly Dividend Option 0.51% 0.50%Monthly Dividend Option 0.37% 0.50%Super Institutional (annualised)Growth Option 0.38% -Daily Dividend Option 0.38% -Weekly Dividend Option 0.38% -

b. Management Fee as % of AAuMRegularGrowth Option 0.23% 0.28%Daily Dividend Option 0.23% 0.28%Weekly Dividend Option 0.23% 0.28%Monthly Dividend Option 0.23% 0.28%Weekly Bonus Option 0.23% -InstitutionalGrowth Option 0.22% 0.23%Daily Dividend Option 0.22% 0.23%Weekly Dividend Option 0.22% 0.23%Monthly Dividend Option 0.22% 0.23%Super Institutional (annualised)Growth Option 0.18% -Daily Dividend Option 0.18% -Weekly Dividend Option 0.18% -

5. Net Income as a percentage of AAuM 6.13% 6.82%6. Total Dividend per unit distributed during the year / period

RegularDaily Dividend Option 0.7918 0.7104Weekly Dividend Option 0.7410 0.6456Monthly Dividend Option 0.5020 0.6695InstitutionalDaily Dividend Option 0.7867 0.7047Weekly Dividend Option 0.7475 0.6506Monthly Dividend Option 0.6080 0.7105Super InstitutionalDaily Dividend Option 0.4359 -Weekly Dividend Option 0.2580 -

7. Returns:a. Last One Year

SchemeRegular Growth Option 8.01% 7.19%Institutional Growth Option 8.17% 7.35%Super Institutional Growth Option NA NABenchmarkCrisil Liquid Fund Index (Regular) 7.54% 6.37%Crisil Liquid Fund Index (Institutional) 7.54% 6.37%Crisil Liquid Fund Index (Super Institutional) NA NA

b. Since InceptionSchemeRegular Growth Option 6.09% 5.65%Institutional Growth Option 6.63% 6.10%Super Institutional Growth Option 8.52% NABenchmarkCrisil Liquid Fund Index (Regular) 5.42% 4.92%Crisil Liquid Fund Index (Institutional) 5.83% 5.22%Crisil Liquid Fund Index (Super Institutional) 6.97% NA



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1 Investments:-


1.2. Open Positions of derivatives as at the Years ended March 31, 2008 and March 31, 2007 are NIL.




1.6. Aggregate Unrealised Gain / Loss as at the Years ended March 31, 2008 and March 31, 2007 and their percentages to netassets are as under :



March 31, 2008 March 31, 2007

NCDs and Bonds

Listed / Awaiting

Listing

- Appreciation 44,648 0.00 461,489 0.01

- Depreciation 168,560 0.00 97,587 0.00

Privately Placed

Non-Convertible

Debentures /

Bonds

- Appreciation 233,964 0.00 - -


Securitised Debt

- Appreciation 4,681,142 0.03 510,078 0.01

- Depreciation 1,872,761 0.01 2,515,702 0.05

1.7. The aggregate value of investment securities purchased and sold during the financial Year March 31, 2008 is Rs. 321,361,377,537(excluding accretion of discount Rs.631,567,976) and Rs. 312,189,133,746 respectively being 1701.19% and 1652.63% ofthe average daily net assets.

The aggregate value of investment securities purchased and sold during the financial Year March 31, 2007 is Rs.192,085,059,958(excluding accretion of discount Rs. 422,529,526) and Rs.194,011,556,931 respectively being 1226.18% and 1238.48% ofthe average daily net assets.

1.8. Non-Traded securities in the portfolio as at the Years ended March 31, 2008 and March 31, 2007 are as under :



March 31, 2008 March 31, 2007

Debt Instruments 3,314,324,426 22.26 3,312,198,088 64.56

Money MarketInstruments 11,344,359,053 76.19 1,540,549,796 30.03

Total 14,658,683,478 98.45 4,852,747,884 94.59


Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 956,473 (2007 : Rs.. 1,459,394) and Rs. 131,039 (2007 : Rs.249,713)respectively for procuring unit subscriptions for the Scheme. The commission paid was at rates similar to those offered to otherdistributors.



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Description 2007-2008


Regular Growth 31,995,995.198 1,016,301,969.593 1,031,473,982.063 16,823,982.728 168,239,827

RegularDaily Dividend 48,469,139.217 1,036,389,505.844 1,023,722,078.586 61,136,566.475 611,365,665

Regular WeeklyDividend 31,375,550.171 162,125,147.836 156,684,063.980 36,816,634.027 368,166,340

Regular Dividend 2,503,797.762 9,066,997.926 9,539,856.514 2,030,939.174 20,309,392

Bonus Option - 5,293,571.961 221,705.022 5,071,866.939 50,718,669

InstitutionalGrowth 126,651,678.793 18,855,655,977.896 18,905,659,679.076 76,647,977.613 766,479,776

InstitutionalDaily Dividend 147,868,167.375 14,364,182,995.263 14,292,233,210.906 219,817,951.732 2,198,179,517

InstitutionalWeekly Dividend 82,720,748.591 875,523,986.859 918,616,028.733 39,628,706.717 396,287,067

InstitutionalRegular Dividend 6,973,360.203 - 6,973,360.203 - -

Super InstitutionalGrowth - 10,660,417,208.315 10,362,199,775.131 298,217,433.184 2,982,174,332

Super InstitutionalDaily Dividend - 10,789,902,615.760 10,152,443,452.956 637,459,162.804 6,374,591,628

Super InstitutionalWeekly Dividend - 368,579,761.147 320,114,852.603 48,464,908.544 484,649,085



Regular Growth 25,188,351.947 346,285,934.112 339,478,290.861 31,995,995.198 319,959,952

Regular Daily Dividend 36,584,179.713 461,982,312.122 450,097,352.618 48,469,139.217 484,691,392

RegularWeekly Dividend 31,018,599.031 176,696,449.076 176,339,497.936 31,375,550.171 313,755,502

Regular Dividend 13,943,022.425 21,083,063.162 32,522,287.825 2,503,797.762 25,037,978

Institutional Growth 134,962,574.001 10,400,670,576.594 10,408,981,471.802 126,651,678.793 1,266,516,788

InstitutionalDaily Dividend 346,140,625.743 10,883,117,790.243 11,081,390,248.611 147,868,167.375 1,478,681,674

InstitutionalWeekly Dividend 109,613,384.623 873,379,090.117 900,271,726.149 82,720,748.591 827,207,486

InstitutionalRegular Dividend 10,113,138.388 140,109,782.703 143,249,560.888 6,973,360.203 69,733,602

5 Dividend Distribution

The Scheme has distributed dividend on various record dates during the year aggregating to Rs. 296,880, in the Regular Plan –Monthly Dividend Option from the Reserve Fund in accordance with the Eleventh Schedule of the Regulations without consideringthe debit balance in Unit Premium Reserve.

6 Investment in Short Term Deposits of Scheduled Commercial Banks

In accordance with the circular no. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 issued by the Securities and ExchangeBoard of India a scheme shall not invest more than 15% of the net assets in short term deposits of all scheduled commercial


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banks. Such investment may be increased to 20% with the prior approval of the Trustees. The amount of short term deposits withany one scheduled commercial banks including its subsidiaries shall not exceed more than 10% of the net assets of the scheme.Further the tenure of the deposit shall not exceed 91 days. Also investment in short term deposits of associate and sponsorscheduled commercial banks together shall not exceed 20% of total amount deposited by the mutual fund in short term deposits.In respect of investments in short term deposits already existing on the date of the circular the scheme shall ensure compliancewith the circular within a period of 3 months from the date of the issue of the circular.

During the year ended March 31, 2008 the Scheme has invested in short term deposits of a tenure exceeding 91 days and 20%of the net assets of the Scheme. Further the amount of short term deposits with few scheduled commercial banks individually,exceeded 10% of the net assets of the Scheme. Also, the Scheme has invested in short term deposits with associate or sponsorschedule commercial bank in excess of 20% of the total deployment in short term deposits by the Fund.

Further in respect of investments in short term deposits existing on the date of the circular the Scheme has not complied with thecircular within three months from the date of its issue as the management of Deutsche Assets Management (India) PrivateLimited is of the view that premature withdrawal of the short term deposit to comply with the circular would have resulted insignificant loss to the scheme.

Investment in short term deposits of a tenure exceeding 91 days has been informed to the Securities and Exchange Board of Indiavide letter dated July 17, 2007 and has also been reported in the relevant subsequent compliance test report.


8 No contingent liabilities for the Years ended March 31, 2008 and March 31, 2007.



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Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Liquid Plus Fund (formerly DWS Floating Rate Fund)

("The Scheme") as at March 31, 2008 and the related Revenue Account for the year ended on that date, both of which we havesigned under reference to this report. These financial statements are the responsibility of the Trustee of Deutsche Mutual Fundand the Management of Deutsche Asset Management (India) Private Limited (the "Management"). Our responsibility is to expressan opinion on these financial statements based on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Liquid Plus Fund as at March 31, 2008and its net surplus for the year ended on that date.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the year ended on that date, together with the notesthereon have been prepared in all material respect in accordance with the accounting policies and standards specified in theNinth Schedule of the Securities and Exchange Board of India (Mutual Fund) Regulations, 1996 and amendments thereto asapplicable.


(a) Privately placed securities in good faith and

(b) Non-traded and thinly traded debt securities in accordance with the guidelines for valuation for securities for mutualfunds dated September 18, 2000 and amendments thereto, as applicable, issued by the Securities and Exchange Boardof India



K. H. Vachha





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Rupees in Lakhs


Liabilities

Unit Capital 13,806.43 4,608.47




Other Reserves 1,279.04 573.33



TOTAL 15,566.61 5,322.86

Assets

Investments

Listed Securities:


Unlisted Securities


Securitised Debt 2,525.16 300.00

Commercial Paper - 9.86

Certificate of Deposit 8,768.23 -




Others 58.08 67.56

TOTAL 15,566.61 5,322.86



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Fun

d











Rupees in Lakhs


Income

Interest 413.52 1,267.10


Realised Gains / (Losses) on External sale / redemption of investments 23.40 2.28

(A) 416.97 1,268.60

Expenses







Marketing and Distribution expenses 1.38 (0.01)



Expenses to be Reimbursed by the Investment Manager (5.70) (4.30)

(B) 22.34 98.39

NET REALISED GAINS FOR THE YEAR (A - B = C) 394.63 1,170.21

Change in Unrealised Depreciation in value of investments (D) (0.49) (4.39)

NET GAINS FOR THE YEAR (E = (C - D)) 395.13 1,174.59


NET SURPLUS FOR THE YEAR (E + F = G) 397.55 1,166.87



Add / (Less): Equalisation 534.10 (1,720.79)

Total 929.23 (546.20)


Income Distributed during the year 187.71 479.49


Retained Surplus / (Deficit) carried forward to Balance Sheet 705.72 (1,967.35)


29

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Opening


Daily Dividend Option 10.0147 -



Highest


Daily Dividend Option 10.0147 10.0181



Lowest





Closing






Closing 15,089 5,172

Average (AAuM) 4,843 17,425


4. Expense Ratio:



Daily Dividend Option 0.46% 0.56%













7. Returns:

a. Last One Year

Scheme


Benchmark

Crisil Liquid Fund Index 7.54% 6.37%

b. Since Inception

Scheme


Benchmark

Crisil Liquid Fund Index 5.55% 4.99%


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1 Investments:-

1.1. All Investments of the Scheme are registered in the name of the Trustee for the benefit of the Scheme Unitholders

1.2. Open Positions of derivatives as at the Years ended March 31, 2008 and March 31, 2007 are NIL.




1.6. Aggregate Unrealised Gain / Loss of the scheme as at the Years ended March 31, 2008 and March 31, 2007 and theirpercentages to net assets are as under :



March 31, 2008 March 31, 2007

NCDs and Bonds

Listed / Awaiting

Listing

- Appreciation - - 11,659 0.00

- Depreciation 4 0.00 61,083 0.01

Privately Placed

NCDs / Bonds

- Appreciation - - 675 0.00

- Depreciation - - - -

Securitised Debt

- Appreciation 271,629 0.02 - -


1.7. The aggregate value of investment securities purchased and sold during the financial year March 31, 2008 is Rs. 5,440,330,896(excluding accretion of discount Rs.7,051,351) and Rs. 4,437,372,227 respectively being 1123.44% and 916.33% of theaverage daily net assets.

The aggregate value of investment securities purchased and sold during the financial year March 31, 2007 is Rs. 5,781,388,320(excluding accretion of discount Rs.16,205,070) and Rs. 7,240,304,209 respectively being 331.78% and 415.50% of theaverage daily net assets.

1.8. Non-Traded securities in the portfolio as of the Years ended March 31, 2008 and March 31, 2007 and their percentages to netassets are as under :



March 31, 2008 March 31, 2007


Money MarketInstruments 876,822,924 58.11 985,735 0.19

Total 1,534,046,920 101.66 523,399,564 101.21

2 Details of Transaction with Associates under Regulation 25 (8)

Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 83,183 (2007: Rs.464,403) and Rs. 796 (2007: Rs.898) respectively forprocuring unit subscriptions for the Scheme. The commission paid was at rates similar to those offered to other distributors.

3 There were no Unitholders over 25% of the NAV of the Scheme as at March 31, 2008.

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4 Planwise details of movement in Units -


Opening Subscription Redemption Closing Units Face Value

Regular Growth 22,654,939.863 68,772,633.134 51,931,249.882 39,496,323.115 394,963,231

Weekly Dividend

Reinvestment Plan 18,381,436.666 36,404,324.193 51,286,040.561 3,499,720.298 34,997,203


Daily Dividend

Reinvestment Plan 210,332.003 186,032,075.474 95,208,979.299 91,033,428.178 910,334,282


Opening Subscription Redemption Closing Units Face Value

Regular Growth 115,102,705.076 46,068,027.559 138,515,792.772 22,654,939.863 226,549,399

Weekly Dividend

Reinvestment Plan 53,112,838.669 232,777,862.121 267,509,264.124 18,381,436.666 183,814,367


Daily Dividend

Reinvestment Plan - 63,777,334.525 63,567,002.522 210,332.003 2,103,320


In accordance with the circular no. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 issued by the Securities and ExchangeBoard of India a scheme shall not invest more than 15% of the net assets in short term deposits of all scheduled commercialbanks. Such investment may be increased to 20% with the prior approval of the Trustees. The amount of short term deposits withany one scheduled commercial banks including its subsidiaries shall not exceed more than 10% of the net assets of the scheme.Further the tenure of the deposit shall not exceed 91 days.

During the year ended March 31, 2008 the Scheme has invested in short term deposits of a tenure exceeding 91 days. Further theamount of short term deposits with a scheduled commercial bank has exceeded 10% of the net assets of the Scheme.






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Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS MIP Fund ("The Scheme") as at March 31, 2008 and therelated Revenue Account for the year ended on that date, both of which we have signed under reference to this report. Thesefinancial statements are the responsibility of the Trustee of Deutsche Mutual Fund and the Management of Deutsche AssetManagement (India) Private Limited (the "Management"). Our responsibility is to express an opinion on these financial statementsbased on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS MIP Fund as at March 31, 2008 andits net surplus for the year ended on that date.



K. H. Vachha

Partner





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Rupees in Lakhs

Plan A Plan B

As at As at As at As atMarch 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007

Liabilities

Unit Capital 390.54 522.43 67.40 75.94


Unit Premium Reserves (14.27) (15.54) (2.31) (2.17)

Unrealised Appreciation Reserve 6.44 - 0.01 -

Other Reserves 68.64 49.05 7.77 5.03


Other Current Liabilities and Provisions 6.39 7.39 1.62 1.24

TOTAL 457.74 563.33 74.49 80.05

Assets

Investments

Listed Securities:

Equity Shares 65.48 107.38 6.68 11.23

Other Debentures and Bonds 201.96 249.96 31.91 19.32

Unlisted Securities

Other Debentures and Bonds - 17.92 - 35.85

Government Securities 126.84 148.30 20.83 -

Total Investments 394.27 523.56 59.42 66.39


Cash and Bank Balance 49.65 22.54 7.18 4.75

Others 13.82 17.23 7.89 8.91

TOTAL 457.74 563.33 74.49 80.05



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Rupees in Lakhs

Plan A Plan B

April 1, 2007 to April 1, 2006 to April 1, 2007 to April 1, 2006 toMarch 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007

Income

Dividend 0.29 1.95 0.04 0.21Interest 27.46 46.97 4.44 4.33Realised Gains / (Losses) onInterscheme sale of investments (0.99) (5.39) - (3.70)Realised Gains / (Losses) onExternal sale / redemption of investments 18.98 24.81 0.42 6.80

(A) 45.74 68.34 4.90 7.64

Expenses

Management fees 4.31 6.96 0.74 1.99Service tax on Management fees 0.53 0.86 0.09 0.25Transfer agents fees and expenses 5.42 5.40 5.40 5.35Custodian fees 0.20 1.51 0.04 0.19Trusteeship fees 0.04 0.07 0.01 0.02Commission to Agents 2.83 4.58 0.37 1.23Marketing & Distribution expenses 0.12 0.01 0.03 -Audit fees 0.09 0.02 0.10 0.00Other operating expenses 2.06 2.69 1.28 2.38Expenses to be Reimbursed bythe Investment Manager (5.91) (6.43) (6.39) (6.93)

(B) 9.69 15.66 1.67 4.48

NET REALISED GAINS

FOR THE YEAR (A - B = C) 36.05 52.68 3.23 3.16

Change in Unrealised Depreciationin value of investments (D) (7.63) (5.98) (3.12) (12.41)

NET GAINS FOR THE YEAR (E = (C - D)) 43.68 58.65 6.34 15.57

Change in unrealised appreciationin the value of investments (F) 6.44 (37.29) 0.01 (8.85)

NET SURPLUS FOR THE YEAR (E + F = G) 50.12 21.37 6.36 6.72

Add: Balance transfer fromUnrealised Appreciation Reserve - 37.29 - 8.85Less: Balance transfer to UnrealisedAppreciation Reserve 6.44 - 0.01 -Add / (Less): Equalisation (10.28) (28.46) (0.84) (28.19)

Total 33.40 30.20 5.50 (12.62)

Dividend appropriationIncome Distributed during the year 12.69 36.12 2.42 7.18Tax on income distributed during the year 1.80 5.32 0.34 1.15

Retained Surplus / (Deficit)carried forward to Balance Sheet 18.90 (11.24) 2.74 (20.95)


35

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Plan A Plan B

March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007


Opening

Growth Option 12.4475 11.9989 11.8331 11.5361

Monthly Dividend Option 10.1815 10.4626 9.8839 10.2696

Quarterly Dividend Option 10.0159 10.6802 9.9276 10.3841

Annual Dividend Option 10.2369 11.3072 10.0309 10.8885

Highest

Growth Option 14.6104 12.8851 13.2411 12.1688




Lowest

Growth Option 12.3460 11.7260 11.8056 11.4641




Closing

Growth Option 14.0651 12.4475 12.9019 11.8331





Closing 451 556 73 79

Average (AAuM) 431 696 74 199

3. Gross income as % of AAuM 10.62% 9.82% 6.60% 3.84%

4. Expense Ratio:


Growth Option 2.25% 2.25% 2.25% 2.25%

Monthly Dividend Option 2.25% 2.25% 2.25% 2.25%

Quarterly Dividend Option 2.25% 2.25% 2.25% 2.25%

Annual Dividend Option 2.25% 2.25% 2.25% 2.25%


Growth Option 1.00% 1.00% 1.00% 1.00%




5. Net Income as a percentage of AAuM 8.37% 7.57% 4.35% 1.59%

6. Portfolio turnover ratio 1.78 1.96 1.87 2.31




Annual Dividend Option - 1.4650 - 1.1200

8. Returns:

a. Last One Year

Scheme

Growth Option 13.01% 3.74% 9.05% 2.57%

Benchmark

Crisil MIP Blended Index 11.18% 5.49% 11.18% 5.49%

b. Since Inception

Scheme

Growth Option 8.52% 7.15% 6.30% 5.45%

Benchmark



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1 Investments:-






1.6. Aggregate Unrealised Gain / Loss as at the Year ended March 31, 2008 and their percentages to net assets is as under :

MIP FUND (PLAN A)

Security Amount (Rs.) Percentage to Amount (Rs.) Percentage toCategory Net Assets Net Assets

March 31, 2008 March 31, 2007

Equity Shares

- Appreciation 1,193,681 2.64 488,734 0.88

- Depreciation 549,563 1.22 633,171 1.14

Non-ConvertibleDebentures /Bonds Listed /Awaiting Listing

- Appreciation 674 0.00 2 0.00

- Depreciation 434,665 0.96 732,084 1.32

Privately PlacedNon-ConvertibleDebentures /Bonds



Government ofIndia Securities


- Depreciation 398,693 0.88 649,514 1.17

MIP FUND (PLAN B)


March 31, 2008 March 31, 2007

Equity Shares

- Appreciation 62,793 0.86 9,205 0.12

- Depreciation 61,371 0.84 89,292 1.13



- Depreciation 30,013 0.07 148,100 1.88



- Depreciation - - 169,612 2.15




37

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1.7 The aggregate value of investment securities purchased for Plan A is Rs. 60,092,427 and for Plan B Rs.12,647,941 (excludingaccretion of discount Rs.620,406 for Plan A and Rs.186,954 for Plan B) being 139.54% for Plan A and 170.56% for Plan B ofaverage daily net assets and sold for Plan A is Rs.76,847,948 and for Plan B Rs. 13,886,915 (including matured) being178.44% for Plan A and 187.24% for Plan B of average daily net assets during the financial year March 31, 2008.

The aggregate value of investment securities purchased for Plan A is Rs. 121,601,479 and for Plan B Rs. 23,177,261 (excludingaccretion of discount Rs. 1,724,576 for Plan A and amortisation of premium of Rs. 466,181 for Plan B) being 174.69% for PlanA and 116.35% for Plan B of average daily net assets and sold for Plan A is Rs. 136,616,709 and for Plan B Rs. 45,936,297(including matured) being 196.26% for Plan A and 230.60% for Plan B of average daily net assets during the financial yearMarch 31, 2007.

1.8. Non-Traded securities in the portfolio as on March 31, 2008 and their percentages to net assets are as under :



Plan A March 31, 2008 March 31, 2007


Plan B March 31, 2008 March 31, 2007


2 Details of Transaction with Associates under regulation 25(8).

Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs.16,582 and Rs.45 respectively under Plan A (2007 : Rs.74,339 and Rs.50,808)and Rs 8,449 and Rs.28 respectively under Plan B (2007: Rs.1,096 and Rs.70) for procuring unit subscriptions for the Scheme.Further Deutsche Equities India Private Limited, an associate entity of Deutsche Asset Management (India) Private Limited waspaid brokerage of Rs. 12,945 under Plan A and Rs. 1,311 under Plan B on purchase and sale of investments by the Scheme for theyear March 31, 2007.The commission / brokerage paid were at rates similar to those offered to other distributors/brokers .




MIP FUND PLAN A


Growth Option 1,182,013.298 492,614.938 930,610.310 744,017.926 7,440,179

Monthly

Dividend Option 2,135,042.437 558,990.716 1,204,834.701 1,489,198.452 14,891,985

Quarterly

Dividend Option 1,726,422.065 682,327.161 882,268.783 1,526,480.443 15,264,804

Annual Dividend Option 180,843.959 23,886.841 58,985.973 145,744.827 1,457,448


MIP FUND PLAN A


Growth Option 2,118,078.082 1,285,912.772 2,221,977.556 1,182,013.298 11,820,133

Monthly Dividend

Option 1,098,833.020 3,080,594.809 2,044,385.392 2,135,042.437 21,350,424

Quarterly Dividend

Option 1,996,381.913 655,123.316 925,083.164 1,726,422.065 17,264,221




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MIP FUND PLAN B


Growth Option 178,369.717 34,208.273 79,733.226 132,844.764 1,328,448

Monthly Dividend

Option 156,135.869 87.093 123,517.172 32,705.790 327,058

Quarterly Dividend

Option 344,243.246 219,512.545 122,610.275 441,145.516 4,411,455

Annual Dividend Option 80,695.418 581.964 14,010.843 67,266.539 672,665


MIP FUND PLAN B


Growth Option 1,261,072.338 230,370.301 1,313,072.922 178,369.717 1,783,697

Monthly Dividend

Option 593,469.859 238,313.805 675,647.795 156,135.869 1,561,359

Quarterly Dividend

Option 851,185.491 60,713.401 567,655.646 344,243.246 3,442,432

Annual Dividend Option 95,975.339 5,027.798 20,307.719 80,695.418 806,954





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Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS MIP Fund ("The Scheme") as at March 31, 2008 and therelated Revenue Account for the year ended on that date, both of which we have signed under reference to this report. Thesefinancial statements are the responsibility of the Trustee of Deutsche Mutual Fund and the Management of Deutsche AssetManagement (India) Private Limited (the "Management"). Our responsibility is to express an opinion on these financial statementsbased on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS MIP Fund as at March 31, 2008 andits net surplus for the year ended on that date.



K. H. Vachha

Partner





33

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Rupees in Lakhs

Plan A Plan B

As at As at As at As atMarch 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007

Liabilities

Unit Capital 390.54 522.43 67.40 75.94


Unit Premium Reserves (14.27) (15.54) (2.31) (2.17)

Unrealised Appreciation Reserve 6.44 - 0.01 -

Other Reserves 68.64 49.05 7.77 5.03


Other Current Liabilities and Provisions 6.39 7.39 1.62 1.24

TOTAL 457.74 563.33 74.49 80.05

Assets

Investments

Listed Securities:

Equity Shares 65.48 107.38 6.68 11.23

Other Debentures and Bonds 201.96 249.96 31.91 19.32

Unlisted Securities

Other Debentures and Bonds - 17.92 - 35.85

Government Securities 126.84 148.30 20.83 -

Total Investments 394.27 523.56 59.42 66.39


Cash and Bank Balance 49.65 22.54 7.18 4.75

Others 13.82 17.23 7.89 8.91

TOTAL 457.74 563.33 74.49 80.05



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Rupees in Lakhs

Plan A Plan B

April 1, 2007 to April 1, 2006 to April 1, 2007 to April 1, 2006 toMarch 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007

Income

Dividend 0.29 1.95 0.04 0.21Interest 27.46 46.97 4.44 4.33Realised Gains / (Losses) onInterscheme sale of investments (0.99) (5.39) - (3.70)Realised Gains / (Losses) onExternal sale / redemption of investments 18.98 24.81 0.42 6.80

(A) 45.74 68.34 4.90 7.64

Expenses

Management fees 4.31 6.96 0.74 1.99Service tax on Management fees 0.53 0.86 0.09 0.25Transfer agents fees and expenses 5.42 5.40 5.40 5.35Custodian fees 0.20 1.51 0.04 0.19Trusteeship fees 0.04 0.07 0.01 0.02Commission to Agents 2.83 4.58 0.37 1.23Marketing & Distribution expenses 0.12 0.01 0.03 -Audit fees 0.09 0.02 0.10 0.00Other operating expenses 2.06 2.69 1.28 2.38Expenses to be Reimbursed bythe Investment Manager (5.91) (6.43) (6.39) (6.93)

(B) 9.69 15.66 1.67 4.48

NET REALISED GAINS

FOR THE YEAR (A - B = C) 36.05 52.68 3.23 3.16

Change in Unrealised Depreciationin value of investments (D) (7.63) (5.98) (3.12) (12.41)

NET GAINS FOR THE YEAR (E = (C - D)) 43.68 58.65 6.34 15.57

Change in unrealised appreciationin the value of investments (F) 6.44 (37.29) 0.01 (8.85)

NET SURPLUS FOR THE YEAR (E + F = G) 50.12 21.37 6.36 6.72

Add: Balance transfer fromUnrealised Appreciation Reserve - 37.29 - 8.85Less: Balance transfer to UnrealisedAppreciation Reserve 6.44 - 0.01 -Add / (Less): Equalisation (10.28) (28.46) (0.84) (28.19)

Total 33.40 30.20 5.50 (12.62)

Dividend appropriationIncome Distributed during the year 12.69 36.12 2.42 7.18Tax on income distributed during the year 1.80 5.32 0.34 1.15

Retained Surplus / (Deficit)carried forward to Balance Sheet 18.90 (11.24) 2.74 (20.95)


35

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Plan A Plan B

March 31, 2008 March 31, 2007 March 31, 2008 March 31, 2007


Opening

Growth Option 12.4475 11.9989 11.8331 11.5361




Highest

Growth Option 14.6104 12.8851 13.2411 12.1688




Lowest

Growth Option 12.3460 11.7260 11.8056 11.4641




Closing

Growth Option 14.0651 12.4475 12.9019 11.8331





Closing 451 556 73 79

Average (AAuM) 431 696 74 199

3. Gross income as % of AAuM 10.62% 9.82% 6.60% 3.84%

4. Expense Ratio:


Growth Option 2.25% 2.25% 2.25% 2.25%





Growth Option 1.00% 1.00% 1.00% 1.00%




5. Net Income as a percentage of AAuM 8.37% 7.57% 4.35% 1.59%

6. Portfolio turnover ratio 1.78 1.96 1.87 2.31




Annual Dividend Option - 1.4650 - 1.1200

8. Returns:

a. Last One Year

Scheme

Growth Option 13.01% 3.74% 9.05% 2.57%

Benchmark


b. Since Inception

Scheme

Growth Option 8.52% 7.15% 6.30% 5.45%

Benchmark



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1 Investments:-







MIP FUND (PLAN A)


March 31, 2008 March 31, 2007

Equity Shares

- Appreciation 1,193,681 2.64 488,734 0.88

- Depreciation 549,563 1.22 633,171 1.14


- Appreciation 674 0.00 2 0.00

- Depreciation 434,665 0.96 732,084 1.32






- Depreciation 398,693 0.88 649,514 1.17

MIP FUND (PLAN B)


March 31, 2008 March 31, 2007

Equity Shares

- Appreciation 62,793 0.86 9,205 0.12

- Depreciation 61,371 0.84 89,292 1.13



- Depreciation 30,013 0.07 148,100 1.88



- Depreciation - - 169,612 2.15




37

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1.7 The aggregate value of investment securities purchased for Plan A is Rs. 60,092,427 and for Plan B Rs.12,647,941 (excludingaccretion of discount Rs.620,406 for Plan A and Rs.186,954 for Plan B) being 139.54% for Plan A and 170.56% for Plan B ofaverage daily net assets and sold for Plan A is Rs.76,847,948 and for Plan B Rs. 13,886,915 (including matured) being178.44% for Plan A and 187.24% for Plan B of average daily net assets during the financial year March 31, 2008.

The aggregate value of investment securities purchased for Plan A is Rs. 121,601,479 and for Plan B Rs. 23,177,261 (excludingaccretion of discount Rs. 1,724,576 for Plan A and amortisation of premium of Rs. 466,181 for Plan B) being 174.69% for PlanA and 116.35% for Plan B of average daily net assets and sold for Plan A is Rs. 136,616,709 and for Plan B Rs. 45,936,297(including matured) being 196.26% for Plan A and 230.60% for Plan B of average daily net assets during the financial yearMarch 31, 2007.




Plan A March 31, 2008 March 31, 2007


Plan B March 31, 2008 March 31, 2007


2 Details of Transaction with Associates under regulation 25(8).

Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs.16,582 and Rs.45 respectively under Plan A (2007 : Rs.74,339 and Rs.50,808)and Rs 8,449 and Rs.28 respectively under Plan B (2007: Rs.1,096 and Rs.70) for procuring unit subscriptions for the Scheme.Further Deutsche Equities India Private Limited, an associate entity of Deutsche Asset Management (India) Private Limited waspaid brokerage of Rs. 12,945 under Plan A and Rs. 1,311 under Plan B on purchase and sale of investments by the Scheme for theyear March 31, 2007.The commission / brokerage paid were at rates similar to those offered to other distributors/brokers .




MIP FUND PLAN A


Growth Option 1,182,013.298 492,614.938 930,610.310 744,017.926 7,440,179

Monthly

Dividend Option 2,135,042.437 558,990.716 1,204,834.701 1,489,198.452 14,891,985

Quarterly

Dividend Option 1,726,422.065 682,327.161 882,268.783 1,526,480.443 15,264,804



MIP FUND PLAN A


Growth Option 2,118,078.082 1,285,912.772 2,221,977.556 1,182,013.298 11,820,133

Monthly Dividend

Option 1,098,833.020 3,080,594.809 2,044,385.392 2,135,042.437 21,350,424

Quarterly Dividend

Option 1,996,381.913 655,123.316 925,083.164 1,726,422.065 17,264,221




38

DW

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IP F

und

DEBT - DWS MIP Fund


MIP FUND PLAN B


Growth Option 178,369.717 34,208.273 79,733.226 132,844.764 1,328,448

Monthly Dividend

Option 156,135.869 87.093 123,517.172 32,705.790 327,058

Quarterly Dividend

Option 344,243.246 219,512.545 122,610.275 441,145.516 4,411,455

Annual Dividend Option 80,695.418 581.964 14,010.843 67,266.539 672,665


MIP FUND PLAN B


Growth Option 1,261,072.338 230,370.301 1,313,072.922 178,369.717 1,783,697

Monthly Dividend

Option 593,469.859 238,313.805 675,647.795 156,135.869 1,561,359

Quarterly Dividend

Option 851,185.491 60,713.401 567,655.646 344,243.246 3,442,432

Annual Dividend Option 95,975.339 5,027.798 20,307.719 80,695.418 806,954




39

39

DW

S Money

Plus Fund

DEBT - DWS Money Plus Fund

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Money Plus Fund ("The Scheme") as at March 31, 2008, therelated Revenue Account for the year ended on that date and the Cash Flow Statement for the year ended on that date which wehave signed under reference to this report. These financial statements are the responsibility of the Trustee of Deutsche MutualFund and the Management of Deutsche Asset Management (India) Private Limited (the "Management"). Our responsibility is toexpress an opinion on these financial statements based on our audit.




(i) The Balance Sheet, the Revenue Account and the Cash Flow Statement together with the notes thereon give the informationrequired by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, asapplicable, and also give respectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Money PlusFund as at March 31, 2008, its net surplus for the year ended on that date and its Cash flows for the year ended on that date.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the year ended March 31, 2008 together with thenotes thereon have been prepared in all material respects in accordance with the accounting policies and standards specifiedin the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendmentsthereto as applicable.

(iii) The methods used to value





K. H. Vachha






40

DW

S M

oney

Plus

Fun

d











Rupees in Lakhs


Liabilities

Unit Capital 200,964.88 65,969.15


Unit Premium Reserves (16.23) 0.31


Other Reserves 2,801.47 1,055.16

Current Liabilities & Provisions

Other Current Liabilities and Provisions 1,358.61 207.49

TOTAL 205,251.39 67,232.11

Assets

Investments

Listed Securities:


Unlisted Securities


Securitised Debt 28,310.39 16,451.55

Commercial Paper 32,931.17 19.71

Certificate of Deposit 83,936.40 14,186.56


Deposits 2,937.00 -


Cash and Bank Balance 3,164.56 1,051.28

Others 3,383.45 4,429.57

TOTAL 205,251.39 67,232.11


41

41

DW

S Money

Plus Fund











Rupees in Lakhs


Income

Dividend - -

Interest 32,407.70 15,630.30


Realised Gains / (Losses) on External sale / redemption of investments (541.55) 22.24

Other Income - 0.24

(A) 31,791.03 15,509.36

Expenses







Marketing and Distribution expenses 83.82 0.91



Expenses to be Reimbursed by the Investment Manager - (4.63)

(B) 1,874.53 1,277.21

NET REALISED GAINS FOR THE YEAR (A - B = C) 29,916.50 14,232.14

Change in Unrealised Depreciation in value of investments (D) 21.62 1.84

NET GAINS FOR THE YEAR (E = (C - D)) 29,894.88 14,230.30


NET SURPLUS FOR THE YEAR (E + F = G) 30,037.54 14,230.24



Add / (Less): Equalisation (6,409.47) (2,584.78)

Total 23,485.41 11,645.52


Income Distributed during the year 17,898.43 8,751.09

Tax on income distributed during the year 3,840.67 1,877.02

Retained Surplus carried forward to Balance Sheet 1,746.32 1,017.40



42

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Fun

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Opening

Regular



Weekly Dividend Option 10.0574 -

Monthly Dividend Option 10.1266 -

Dividend Option - 10.0472

Institutional

Growth Option 10.3344 -


Weekly Dividend Option 10.0245 -

Monthly Dividend Option 10.0761 -

Highest

Regular





Institutional





Lowest

Regular





Institutional





Closing

Regular





Institutional






Closing 203,893 67,025

Average (AAuM) 364,876 283,462


43

43

DW

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Plus Fund




4. Expense Ratio:


Regular





Institutional






Regular





Institutional







Regular




Institutional




7. Returns:

a. Last One Year

Scheme

Regular


Institutional

Growth Option 8.84% NA

Benchmark

Crisil Liquid Fund Index (Regular) 7.54% 6.41%

Crisil Liquid Fund Index (Institutional) 7.54% NA

b. Since Inception

Scheme

Regular


Institutional


Benchmark

Crisil Liquid Fund Index (Regular) 6.95% 6.73%

Crisil Liquid Fund Index (Institutional) 7.29% 2.60%


44

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1 Investments:-









March 31, 2008 March 31, 2007

NCDs and

Bonds Listed /

Awaiting Listing

- Appreciation 32,366 0.00 18 0.00

- Depreciation 505,434 0.00 – –

Privately placed

Non-convertible

Debentures /

Bonds Listed /

Awaiting Listing

- Appreciation 14,298,231 0.07 – –

- Depreciation – – 2,156 0.00

Securitised Debt

- Appreciation 3,207,190 0.02 - -

- Depreciation 5,089,088 0.02 190,854 0.00

1.7 The aggregate value of investment securities purchased and sold (including matured) during the financial year 2008 isRs. 429,801,648,274 (excluding accretion of discount Rs.1,538,129,918) and Rs. 417,888,703,938 respectively being 1177.94%and 1145.29% of the average daily net assets.

The aggregate value of investment securities purchased and sold (including matured) during the financial year isRs. 181,511,055,841 (excluding accretion of discount Rs. 555,311,831) and Rs. 176,562,155,029 respectively being 640.34%and 622.88% of the average daily net assets.

1.8. Non-Traded securities in the portfolio as of the Years ended March 31, 2008 and March 31, 2007 and their percentages to netassets are as under :



2008 2007

Debt Instruments 7,889,880,557 38.70 4,754,498,800 70.94

Money MarketInstruments 11,686,756,641 57.32 1,420,627,021 21.20

Total 19,576,637,198 96.01 6,175,125,821 92.13


Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 7,189,000 (2007: Rs.4,194,306) and Rs. 421,505 (2007: Rs.185,182)respectively for procuring unit subscriptions for the Scheme. The commission paid was at rates similar to those offered to otherdistributors.





Growth 52,293,231.695 495,652,934.091 507,662,493.015 40,283,672.771 402,836,728

Daily Dividend 114,972,799.867 1,422,495,978.470 1,259,204,759.791 278,264,018.546 2,782,640,185

Weekly Dividend 141,895,142.022 1,090,503,098.034 1,043,319,794.842 189,078,445.214 1,890,784,452

45

45

DW

S Money

Plus Fund



Institutional Growth 130,262,508.198 8,119,319,802.405 8,116,826,053.445 132,756,257.158 1,327,562,572

Institutional Daily 147,178,296.288 11,611,766,973.792 10,599,097,141.196 1,159,848,128.884 11,598,481,289

Institutional Weekly 18,759,129.081 735,675,562.076 602,631,681.705 151,803,009.452 1,518,030,095

Institutional Monthly 12,137,584.354 113,163,865.451 113,609,625.083 11,691,824.722 116,918,247



Growth 24,164,311.878 2,008,392,177.904 1,980,263,258.087 52,293,231.695 522,932,317

Daily Dividend - 534,476,053.280 419,503,253.413 114,972,799.867 1,149,727,999

Weekly Dividend - 3,886,246,774.674 3,744,351,632.652 141,895,142.022 1,418,951,420

Monthly Dividend - 583,551,439.734 541,358,647.550 42,192,792.184 421,927,922

Institutional Growth - 1,268,186,738.410 1,137,924,230.212 130,262,508.198 1,302,625,082

Institutional Daily - 1,361,900,887.437 1,214,722,591.149 147,178,296.288 1,471,782,963

Institutional Weekly - 647,090,044.882 628,330,915.801 18,759,129.081 187,591,291

Institutional Monthly - 152,160,323.352 140,022,738.998 12,137,584.354 121,375,844


In accordance with the circular no. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 issued by the Securities and ExchangeBoard of India a scheme shall not invest more than 15% of the net assets in short term deposits of all scheduled commercialbanks. Such investment may be increased to 20% with the prior approval of the Trustees. The amount of short term deposits withany one scheduled commercial banks including its subsidiaries shall not exceed more than 10% of the net assets of the scheme.Further the tenure of the deposit shall not exceed 91 days.

In respect of investments in short term deposits already existing on the date of the circular the scheme shall ensure compliancewith the circular within a period of 3 months from the date of the issue of the circular.

During the period ended March 31, 2008 the Scheme has invested in short term deposits of a tenure exceeding 91 days and 20%of the net assets of the Scheme. Further the amount of short term deposits with a scheduled commercial bank exceeded 10% ofthe net assets of the Scheme.

Further in respect of investments in short term deposits existing on the date of the circular the Scheme has not complied with thecircular within three months from the date of its issue as the management of Deutsche Asset Management (India) Private Limitedis of the view that premature withdrawal of the short term deposit to comply with the circular would have resulted in significantloss to the scheme.








46

DWS

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DEBT - DWS Capital Protection Oriented Fund

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Capital Protection Oriented Fund ("The Scheme") as atMarch 31, 2008 and the related Revenue Account for the period April 10, 2007 to March 31, 2008, both of which we have signedunder reference to this report. These financial statements are the responsibility of the Trustee of Deutsche Mutual Fund and theManagement of Deutsche Asset Management (India) Private Limited (the "Management"). Our responsibility is to express anopinion on these financial statements based on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Capital Protection Oriented Fund asat March 31, 2008 and its net surplus for the period April 10, 2007 to March 31, 2008.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the period April 10, 2007 to March 31, 2008, togetherwith the notes thereon have been prepared in all material respects in accordance with the accounting policies and standardsspecified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 andamendments thereto as applicable.

(iii) The method used to value


(b) Non-traded/thinly traded debt securities in accordance with the guidelines for valuation of securities for mutual fundsdated September 18, 2000 and amendments thereto, as applicable, issued by the Securities and Exchange Board ofIndia


K. H. Vachha

Partner


For and on behalf ofPrice Waterhouse



47

47

DWS Capital ProtectionO

riented Fund











Rupees in Lakhs

As at

March 31, 2008

Liabilities

Unit Capital 1,437.10


Unrealised Appreciation Reserve 38.47

Other Reserves 134.18


Other Current Liabilities and Provisions 2.89

TOTAL 1,612.63

Assets

Investments

Listed Securities:

Equity Shares 308.82

Other Debentures and Bonds 972.11

Unlisted Securities

Other Debentures and Bonds 203.44

Total Investments 1,484.37


Cash and Bank Balance 15.39

Others 112.87

TOTAL 1,612.63



48

DWS

Capi

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und










Abridged Revenue Accountfor the period April 10, 2007 to March 31, 2008

Rupees in Lakhs

April 10, 2007 to

March 31, 2008

Income

Dividend 1.26

Interest 102.94

Realised Gains / (Losses) on Interscheme sale of investments 2.28

Realised Gains / (Losses) on External sale / redemption of investments 57.07

(A) 163.56

Expenses

Management fees 16.32

Service tax on Management fees 2.02

Transfer agents fees and expenses 0.22

Custodian fees 0.55

Trusteeship fees 0.13

Commission to Agents 34.15

Marketing & Distribution expenses 0.11

Audit fees 0.07

Other operating expenses 0.45

Expenses to be Reimbursed by the Investment Manager (24.64)

(B) 29.38

NET REALISED GAINS FOR THE PERIOD (A - B = C) 134.18

Change in Unrealised Depreciation in value of investments (D) –

NET GAINS FOR THE PERIOD (E = (C - D)) 134.18

Change in unrealised appreciation in the value of investments (F) 38.47

NET SURPLUS FOR THE PERIOD (E + F = G) 172.64

Add: Balance transfer from Unrealised Appreciation Reserve -

Less: Balance transfer to Unrealised Appreciation Reserve 38.47

Add / (Less): Equalisation -

Retained Surplus carried forward to Balance Sheet 134.18


49

49

DWS Capital ProtectionO

riented Fund


Key Statisticsfor the period April 10, 2007 to March 31, 2008

April 10, 2007 to

March 31, 2008


Highest

Growth Option 11.6576

Dividend Option 11.6576

Lowest



Closing




Closing 1,610

Average (AAuM) 1,568

3. Gross income as % of AAuM 12.52%

4. Expense Ratio:

a. Total Expense as % of AAuM (annualised)

Growth Option 2.25%

Dividend Option 2.25%

b. Management Fee as % of AAuM (annualised)

Growth Option 1.25%


5. Net Income as a percentage of AAuM 10.27%

6. Portfolio turnover ratio 3.57

7. Returns:

a. Last One Year

Scheme

Growth Option N.A.

Benchmark

Crisil MIP Blended Index N.A.

b. Since Inception

Scheme

Growth Option 12.01%

Benchmark

Crisil MIP Blended Index 8.13%


50

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und


Notes to Accounts - Annexure Ito the Abridged Balance Sheet as at March 31, 2008 and Revenue Account for the period

April 10, 2007 to March 31, 2008

1 Investments:-


1.2. Open Positions of derivatives as at the Year ended March 31, 2008 is NIL.

1.3. There were no investments in Associates and Group Companies as at the Year ended March 31, 2008.

1.4. There was no open position of Securities Borrowed and / or Lent by the scheme as at March 31, 2008.

1.5. There were no Non-Performing Assets as at March 31, 2008.

1.6. Aggregate Unrealised Gain / Loss of the scheme as at the Year ended March 31, 2008 and their percentages to net assets isas under :

Security Category Amount (Rs.) Percentage to

Net Assets

March 31, 2008

Equity Shares

- Appreciation 4,277,157 2.66

- Depreciation 1,825,322 1.13

NCDs and Bonds Listed / Awaiting Listing


- Depreciation 240,020 0.15

Privately Placed NCDs / Bonds

- Appreciation 344,660 0.21

- Depreciation - -

1.7. The aggregate value of investment securities purchased and sold during the financial year ended March 31, 2008 isRs. 602,889,871 and Rs. 465,727,915 respectively being 461.70% (annualised) and 356.66% (annualised) of the averagedaily net assets.

1.8. Non-Traded securities in the portfolio as of the Year ended March 31, 2008 and their percentages to net assets is as under :

Security Category Fair Value (Rs.) Percentage to

Net Asset

March 31, 2008

Debt Instruments 117,555,502 73.03


Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 42,135 and Rs. 496 respectively for procuring unit subscriptions for theScheme. The commission paid was at rates similar to those offered to other distributors.

3 There were no unit holders holdings over 25% of the NAV of the Scheme as at March 31, 2008.



Subscription Redemption Closing Face Value

Growth 9,355,450.000 - 9,355,450.000 93,554,500

Dividend 5,015,537.899 - 5,015,537.899 50,155,379

5 As these are the first financial statements of the scheme since the date of launch, there are no prior period comparatives.

6 No contingent liabilities for the Year ended March 31, 2008.

51

51

DWS Credit

Opportunities Cash Fund

DEBT - DWS Credit Opportunities Cash Fund

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Credit Opportunities Cash Fund ("The Scheme") as atMarch 31, 2008, the related Revenue Account for the period June 20, 2007 to March 31, 2008 and the Cash Flow Statement forthe period June 20, 2007 to March 31, 2008 which we have signed under reference to this report. These financial statements arethe responsibility of the Trustee of Deutsche Mutual Fund and the Management of Deutsche Asset Management (India) PrivateLimited (the "Management"). Our responsibility is to express an opinion on these financial statements based on our audit.




(i) The Balance Sheet, the Revenue Account and the Cash Flow Statement together with the notes thereon give the informationrequired by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, asapplicable, and also give respectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS CreditOpportunities Cash Fund as at March 31, 2008, its net surplus for the period June 20, 2007 to March 31, 2008 and its cashflows for the period June 20, 2007 to March 31, 2008.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the period June 20 2007 to March 31, 2008 togetherwith the notes thereon have been prepared in all material respects in accordance with the accounting policies and standardsspecified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 andamendments thereto as applicable.






K. H. Vachha






52

DWS

Cred

it Op

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nitie

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sh Fu

nd











Rupees in Lakhs

As at

March 31, 2008

Liabilities



Unit Premium Reserves 57.95


Other Reserves 1,300.01


Other Current Liabilities and Provisions 2,821.06

TOTAL 109,077.99

Assets

Investments

Listed Securities:

Other Debentures and Bonds 2,474.52

Unlisted Securities


Securitised Debt 32,336.25

Commercial Paper 3,742.50

Certificate of Deposit 11,671.12


Deposits 12,102.00



Others 3,286.02

TOTAL 109,077.99


53

53

DWS Credit











Abridged Revenue Accountfor the period June 20, 2007 to March 31, 2008

Rupees in Lakhs

June 20, 2007 to

March 31, 2008

Income

Interest 13,887.30

Realised Gains / (Losses) on Interscheme sale of investments (69.68)


Other Income 3.63

(A) 13,839.41

Expenses




Custodian fees 52.69



Marketing and Distribution expenses 36.44

Audit fees 3.39


(B) 1,143.52

NET REALISED GAINS FOR THE PERIOD (A - B = C) 12,695.89

Change in Unrealised Depreciation in value of investments (D) 0.03

NET GAINS FOR THE PERIOD (E= (C - D)) 12,695.86


NET SURPLUS FOR THE PERIOD (E + F = G) 12,774.54



Add / (Less): Equalisation (968.01)

Total 11,727.85


Income Distributed during the period 8,570.52

Tax on income distributed during the period 1,857.31

Retained Surplus carried forward to Balance Sheet 1,300.01



54

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nd


Key Statisticsfor the period June 20, 2007 to March 31, 2008

June 20, 2007 to

March 31, 2008


Highest

Regular


Weekly Dividend Option 10.0621

Monthly Dividend Option 10.1660

Fortnightly Dividend Option 10.1258

90 Days Plan



Lowest

Regular





90 Days Plan



Closing

Regular





90 Days Plan




Closing 106,257



4. Expense Ratio:


Regular

Growth Option 0.77%

Weekly Dividend Option 0.77%

Monthly Dividend Option 0.77%

Fortnightly Dividend Option 0.77%

90 Days Plan

Growth Option 0.62%


55

55

DWS Credit




June 20, 2007 to

March 31, 2008


Regular

Growth Option 0.37%

Weekly Dividend Option 0.37%


Fortnightly Dividend Option 0.37%

90 Days Plan

Growth Option 0.31%



6. Total Dividend per unit distributed during the period




90 Days Monthly Dividend Option 0.1500

7. Returns:

a. Last One Year

Scheme

Regular Growth N.A.

90 Days Growth N.A.

Benchmark

CRISIL Liquid Fund Index N.A.

b. Since Inception

Scheme

Regular Growth 7.10%

90 Days Growth 2.07%

Benchmark

Crisil Liquid Fund Index (Regular) 5.02%

Crisil Liquid Fund Index (90 Days) 1.53%


56

DWS

Cred

it Op

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nitie

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nd



June 20, 2007 to March 31, 2008.

1 Investments:-








Net Assets

March 31, 2008


- Appreciation -


Privately Placed Non-Convertible Debentures / Bonds



Securitised Debt



1.7. The aggregate value of investment securities purchased and sold (including matured) during the financial period isRs. 143,866,443,558 (excluding accretion of discount Rs. 440,896,013) and Rs. 134,973,824,962 respectively being 963.32%(annualized) and 903.78% (annualized) of the average daily net assets.



Net Asset

Debt Instruments 7,795,365,829 73.36

Money Market Instruments 1,541,361,618 14.51

Total 9,336,727,447 87.87


Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs. 2,722,513 and Rs. 407,270 respectively for procuring unit subscriptionsfor the Scheme. The commission paid was at rates similar to those offered to other distributors.





Regular Growth 973,163,081.236 850,771,424.883 122,391,656.353 1,223,916,564

Weekly Dividend Option 4,491,384,521.859 3,717,310,549.816 774,073,972.043 7,740,739,720

Fortnightly Dividend Option 33,047,012.763 28,096,909.801 4,950,102.962 49,501,030

Monthly Dividend Option 423,510,184.212 298,649,723.703 124,860,460.509 1,248,604,605

90 Days Growth Option 4,637,878.700 - 4,637,878.700 46,378,787

90 Days Dividend Option 17,288,715.296 - 17,288,715.296 172,887,153

57

57

DWS Credit




June 20, 2007 to March 31, 2008.


In accordance with the circular no. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 issued by the Securities and ExchangeBoard of India, a scheme shall not invest more than 15% of the net assets in short term deposits of all scheduled commercialbanks. Such investment may be increased to 20% with the prior approval of the Trustees. The amount of short term deposits withany one scheduled commercial banks including its subsidiaries shall not exceed more than 10% of the net assets of the scheme.

During the period ended March 31, 2008 the Scheme has invested in short term deposits of a tenure exceeding 91 days and 20%of the net assets of the Scheme. Further the amount of short term deposits with few scheduled commercial banks individuallyexceeded 10% of the net assets of the Scheme.


6 As these are the first financial statements of the Scheme there are no comparative figures.



58

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DEBT - DWS Money Plus Advantage Fund

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Money Plus Advantage Fund ("The Scheme") as at March31, 2008 and the related Revenue Account for the period October 15, 2007 to March 31, 2008, both of which we have signedunder reference to this report. These financial statements are the responsibility of the Trustee of Deutsche Mutual Fund and theManagement of Deutsche Asset Management (India) Private Limited (the "Management"). Our responsibility is to express anopinion on these financial statements based on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Money Plus Advantage Fund as atMarch 31, 2008 and its net surplus for the period October 15, 2007 to March 31, 2008.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the period October 15, 2007 to March 31, 2008,together with the notes thereon have been prepared in all material respects in accordance with the accounting policies andstandards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996and amendments thereto as applicable.





K. H. Vachha

Partner





59

59

DW

S Money Plus

Advantage Fund











Rupees in Lakhs

As at

March 31, 2008

Liabilities








TOTAL 51,548.29

Assets

Investments

Listed Securities:

Equity Shares 4,152.89


Unlisted Securities


Securitised Debt 4,693.87

Commercial Paper 8,186.73





Others 430.45

TOTAL 51,548.29



60

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Abridged Revenue Accountfor the period October 15, 2007 to March 31, 2008

Rupees in Lakhs

October 15, 2007 to

March 31, 2008

Income

Interest 1,441.83



(A) 1,612.50

Expenses




Custodian fees 6.51



Marketing & Distribution expenses 4.49

Audit fees 1.64


(B) 147.88

NET REALISED GAINS FOR THE PERIOD (A - B = C) 1,464.62

Change in Unrealised Depreciation in value of investments (D) 79.69

NET GAINS FOR THE PERIOD (E= (C - D)) 1,384.93


NET SURPLUS FOR THE PERIOD (E + F = G) 1,403.06



Add / (Less): Equalisation 362.33

Total 1,747.26


Income Distributed during the period 656.11

Tax on income distributed during the period 138.26



61

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DW

S Money Plus

Advantage Fund


Key Statisticsfor the period October 15, 2007 to March 31, 2008

October 15, 2007 to

March 31, 2008


Highest

Regular



Institutional



Lowest

Regular



Institutional



Closing

Regular



Institutional




Closing 51,444



4. Expense Ratio:


Regular

Growth Option 1.05%


Institutional

Growth Option 0.81%



Regular

Growth Option 0.27%


Institutional

Growth Option 0.28%



62

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Key Statisticsfor the period October 15, 2007 to March 31, 2008

October 15, 2007 to

March 31, 2008


6. Portfolio turnover ratio 5.17

7. Total Dividend per unit distributed during the period

Regular


Institutional


8. Returns:

a. Last One Year

Scheme

Regular

Growth Option NA

Institutional

Growth Option NA

Benchmark

Crisil MIP Fund Index (Regular) NA

Crisil MIP Fund Index (Institutional) NA

b. Since Inception

Scheme

Regular

Growth Option 3.48%

Institutional

Growth Option 3.57%

Benchmark

Crisil MIP Fund Index (Regular) -0.92%

Crisil MIP Fund Index (Institutional) -0.92%

63

63

DW

S Money Plus

Advantage Fund



October 15, 2007 to March 31, 2008.

1 Investments:-








Net Assets

March 31, 2008

Equity Shares


- Depreciation 9,170,027 0.18


- Appreciation 24,026 0.00

- Depreciation - -

Securitised Debt


- Depreciation - -

1.7. The aggregate value of investment securities purchased and sold during the financial Year March 31, 2008 is Rs. 14,230,642,968(excluding accretion of discount Rs.110,396,251) and Rs. 9,245,513,236 respectively being 795.12% (annualised) and 516.59%of the average daily net assets.



Net Asset


Money Market Instruments 3,190,262,567 62.01

Total 4,691,147,811 91.19


Deutsche Bank AG, India Branches and Kotak Mahindra Bank Limited, associate entities of Deutsche Asset Management (India)Private Limited were paid commission amounting to Rs.276,295 and Rs. 8,088 respectively for procuring unit subscriptions for theScheme. The commission paid was at rates similar to those offered to other distributors.

3 Large Holdings in the Scheme (i.e. in excess of 25% of the net assets) as at the Year ended March 31, 2008 is under:

No. of Investors Percentage to Net Assets

1 29.80




Regular Growth 14,661,214.909 5,136,647.679 9,524,567.230 95,245,672

Regular Dividend 43,786,886.892 13,511,061.046 30,275,825.846 302,758,259

Institutional Growth 217,671,929.723 35,398,122.016 182,273,807.707 1,822,738,077

Institutional Dividend 417,154,892.420 134,815,135.374 282,339,757.046 2,823,397,570

5 As these are the first financial statements of the Scheme since the date of launch, there are no prior period comparatives.



64

DWS

Qua

rter

ly In

terv

alFu

nd -

Serie

s 1

DEBT - DWS Quarterly Interval Fund - Series 1

Auditors' Report

To the Trustee,


1. We have audited the Balance Sheet of Deutsche Mutual Fund - DWS Quarterly Interval Fund - Series 1 ("The Scheme") as atMarch 31, 2008 and the related Revenue Account for the period June 18, 2007 to March 31, 2008, both of which we have signedunder reference to this report. These financial statements are the responsibility of the Trustee of Deutsche Mutual Fund and theManagement of Deutsche Asset Management (India) Private Limited (the "Management"). Our responsibility is to express anopinion on these financial statements based on our audit.




(i) The Balance Sheet and the Revenue Account together with the notes thereon give the information required by the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also giverespectively, a true and fair view of the state of affairs of Deutsche Mutual Fund - DWS Quarterly Interval Fund - Series 1 asat March 31, 2008 and its net surplus for the period June 18, 2007 to March 31, 2008.

(ii) The Balance Sheet as at March 31, 2008 and the Revenue Account for the period June 18, 2007 to March 31, 2008 togetherwith the notes thereon have been prepared in all material respects in accordance with the accounting policies and standardsspecified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 andamendments thereto as applicable.

(iii) The method used to value


(b) Non - traded and thinly traded debt securities in accordance with the guidelines for valuation of securities for mutualfunds dated September 18, 2000 and amendments thereto, as applicable, issued by the Securities and Exchange Boardof India


K. H. Vachha

Partner


For and on behalf ofPrice Waterhouse



65

65

DWS Q

uarterly IntervalFund - Series 1











Rupees in Lakhs

As at

March 31, 2008

Liabilities







TOTAL 30,192.13

Assets

Investments

Listed Securities:


Unlisted Securities


Commercial Paper 24.96





Others 197.77

TOTAL 30,192.13



66

DWS

Qua

rter

ly In

terv

alFu

nd -

Serie

s 1










Abridged Revenue Accountfor the period June 18, 2007 to March 31, 2008

Rupees in Lakhs

June 18, 2007 to

March 31, 2008

Income

Interest 858.63



(A) 883.64

Expenses




Custodian fees 3.54


Marketing and Distribution expenses 0.08

Audit fees 0.77


(B) 15.06

NET REALISED GAINS FOR THE PERIOD (A - B = C) 868.58

Change in Unrealised Depreciation in value of investments (D) -

NET GAINS FOR THE PERIOD (E = (C - D)) 868.58

Change in unrealised appreciation in the value of investments (F) -

NET SURPLUS FOR THE PERIOD (E + F = G) 868.58


Less: Balance transfer to Unrealised Appreciation Reserve -

Total 868.58


Income Distributed during the period 538.36

Tax on income distributed during the period 120.38



67

67

DWS Q

uarterly IntervalFund - Series 1



June 18, 2007 to

March 31, 2008


Highest



Lowest



Closing




Closing 30,186



4. Expense Ratio:


Growth Option 0.16%



Growth Option 0.07%



7. Total Dividend per unit distributed during period


8. Returns:

a. Last One Year

Scheme

Growth Option N.A.

Benchmark

CRISIL Short Term Bond Fund Index N.A.

b. Since Inception

Scheme

Growth Option 7.05%

Benchmark

CRISIL Short Term Bond Fund Index 6.32%


68

DWS

Qua

rter

ly In

terv

alFu

nd -

Serie

s 1


Notes to Accounts - Annexure Ito the Abridged Balance Sheet as at March 31, 2008 and Revenue Account for the Period

June 18, 2007 to March 31, 2008

1 Investments:-






1.6. Aggregate Unrealised Gain / Loss as at the Year ended March 31, 2008 is Nil

1.7. The aggregate value of investment securities purchased and sold during the financial Year March 31, 2008 is Rs. 8,533,926,079(excluding accretion of discount Rs. 34,260,499) and Rs. 5,572,211,556 respectively being 885.93%(annualized) and578.47%(annualized) of the average daily net assets.



Net Asset


Money Market Instruments 253,475,345 8.40

Total 2,998,475,345 99.33

2 During the financial period June 18, 2007 to March 31, 2008 there were Nil Transaction with Associates under regulation 25(8).





Growth 83,686,892.729 31,884,400.027 51,802,492.702 518,024,928

Dividend 405,080,500.611 159,729,611.687 245,350,888.924 2,453,508,890

5 As these are the first financial statements of the Scheme since the date of launch, there are no prior period comparatives.


69

69EQUITY - DWS Alpha Equity Fund

Statutory Details :

Deutsche Mutual Fund had been set up as a trust settled by Deutsche Asset Management (Asia) Ltd. (DeAM Asia) (liability restrictedto Rs. 1 lakh). Pursuant to an internal restructuring the shareholdings of Deutsche Asset Management (Asia) Limited and UnitedAssociates Holdings India Pvt. Ltd. in Deutsche Asset Management (India) Pvt. Ltd. and Deutsche Trustee Services India Pvt. Ltd. havebeen acquired by Deutsche India Holdings Private Limited ('DIHPL'). The Co-sponsors to the Fund are DeAM Asia and DIHPL. TheTrustee of the Mutual Fund is Deutsche Trustee Services (India) Private Limited and the Investment Manager is Deutsche AssetManagement (India) Private Ltd. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemebeyond the initial contribution of an amount of Rs.1 lakh collectively made by them towards setting up the Fund or such other accretionsand additions to the initial corpus set up by the Sponsors.

Standard Risk Factors :

Mutual funds, like securities investments, are subject to market and other risks and there can be no guarantee against loss resultingfrom an investment in the Scheme nor can there be any assurance that the Scheme's objectives will be achieved. As with anyinvestment in securities, the NAV of the Units issued under the Scheme can go up or down depending on various factors that mayaffect the values of the Scheme's investments. In addition to the factors that affect the value of individual securities, the NAV of theScheme can be expected to fluctuate with movements in the broader equity and bond markets and may be influenced by factorsaffecting capital markets in general, such as, but not limited to, changes in interest rates, currency exchange rates, changes ingovernmental policies, taxation, political, economic or other developments and increased volatility in the stock and bond markets.Neither the past performance of the Sponsor / AMC / Mutual Fund / Scheme nor their affiliates / associates indicate the futureperformance of the scheme of the mutual fund. As per SEBI Circular, each scheme and individual plan(s) under the scheme should havea minimum of 20 investors and no single investor should account for more than 25% of the corpus of such scheme / plan(s). The nameof the Scheme(s) do not in any manner indicate the quality of the Scheme(s), its future prospects or returns. Investors in the Schemesare not being offered a guaranteed or assured rate of return. Please refer to the Offer Document for scheme specific risk factors

before investing.


70 EQUITY - DWS Mutual Fund

Notes

71

71EQUITY - DWS Alpha Equity Fund

Notes


72 EQUITY - DWS Mutual Fund

Notes

alok

graphics

Deutsche Mutual Fund

DWS Debt Schemes

Abridged Annual Report 2007-2008

Deutsche Asset Management (India)

Private Limited

2nd Floor, 222, Kodak House,

Dr. D. N. Road, Fort, Mumbai - 400 001.

Tel: +91 (22) 6658 4000

Fax: +91 (22) 2207 4411

E-mail: [email protected]

Website: www.dws-india.com

SMS: ‘DWS’ to 7333

ContactsDWS Investments

Karvy Investor Service Centres

AHMEDABAD : Broadway Business Centre, Cabin No. 3, 1st Floor, Sahjananad Complex, Opp. Citibank, Near Panchavati Petrol Pump, C. G. Road, Ahmedabad – 380 006. Tel: +91 (079) 6512 4445 / 2646 3005 / 26440810BANGALORE : Raheja Towers, 26-27, M.G. Road, Bangalore - 560 001. Tel : +91 (080) 6693 5651 / 52 / 25590110CHENNAI : Kothari Building, Ground Floor, 114 M. G. Road, Nungambakkam, Chennai - 600 034. Tel: +91 (044) 6600 9516, 6600 9400COCHIN : 510, 5th Floor, Govardhan Business Centre, Chittoor Road, Cochin - 682 035. Tel.: 0484 - 2366686 / 2366698.COIMBATORE : Krisan Business Center, New No. 81, Government Arts College Road, Coimbatore - 641 018HYDERABAD : DBS Business Centre, DBS House 1-7-43-46, Sardar Patel Road, Secunderabad – 500 003. Tel: +91 (040) 64555700 / 2784 6970.KOLKATA : Brooke House, 9 Shakespeare Sarani, Kolkata - 700 071. Tel : +91 (033) 2282 4040 / 2282 2077LUCKNOW : C/o. LA Place Park Inn Lucknow, 6, Shahnajaf Road, Hazratganj, Lucknow - 226 001 (UP) Tel : +91 (0522) 400 4040MUMBAI : 2nd Floor, 222, Kodak House, Dr. D. N. Road, Fort, Mumbai - 400 001. Tel : +91 (022) 6658 4600 / 4342 / 4305WADALA : 110, 1st Floor, Shilpin Centre, Near Wadala Udyog Bhavan, Wadala, Mumbai - 400 014. Tel.: 022-24135187 / 24135188NEW DELHI : ECE House, 28, Kasturba Gandhi Marg, New Delhi - 110 001. Tel : +91 (011) 4152 2646 / 2647 / 2014PUNE : Subjeev Business Centre, 29, East Street Galleria 2421, East Street, Pune - 411 001. Tel: +91 (020) 4006 8171 / 2635 9300VADODARA : 135, Siddharth Complex, R.C. Dutt Road, Vadodara - 390 007. Tel.: +91 (0265) 308 7538 / 308 7539

AHMEDABAD : 201-202, Shail Building, 2nd Floor, Opp. Madhusudan House, Near Navrangpura Telephone Exchange, Navrangpura, Ahemadabad - 380 006 Tel: 079- 65124445 / 26463005 / 26440810 / 1196AURANGABAD : Shop No. 214 / 215, Tapadiya City Centre, Nirala Bazar, Aurangabad 431 001. Tel.: 0240 - 2363530 / 517 /523 / 524BANGALORE : 1st Floor, Surya Building, Ratna Avenue 51 / 25, Richmond Road, Bangalore - 560 025. Tel. : 080 - 25320085.BHAVNAGAR : 1st Floor, Corporate House, Above Canara Bank, Waghawadi Road, Bhavnagar - 364 001. Tel: 0278- 2567005/006BHUBANESHWAR : 624, Sahid Nagar, Bhubaneswar - 751 007. Tel.: 0674 - 2547533 / 2547532 / 33.CHANDIGARH : SCO-371-372, First Floor, Above HDFC Bank, Sector 35B, Chandigarh - 160 022. Tel.: 0172 - 5071726 /5071727 / 5071728.CHENNAI : Flat No. F11, First Floor, Akshya Plaza, (Erstwhile Harris Road), Opp. Chief City Metropolitan Court,#108, Adhithanar Salai, Egmore, Chennai - 600 002. Tel. : 044 - 28277383 / 42028512 / 13COCHIN : Shop No. II, 2nd Floor, Jewel Arcade, (Above Oriental Insurance Ltd.), Layam Road, Cochin - 682 011. Tel.: 0484 - 4010224 / 1885.COIMBATORE : 29/1, 1st Floor, Chinthamani Nagar, Opp. to Indian Overseas Bank, NSR Road, Saibaba Colony, Coimbatore - 641 011. Tel.: 0422 - 4384770 / 4382770.DURGAPUR : Old Dutta Automobiles Building, 1st Floor, Nachan Road, Benachity, Durgapur - 713 213. Tel.: 0343 - 2586376 / 377.GURGAON : Shop No. 18, Ground Floor, Sector - 14, Opp. AKD Tower, Near Huda Office, Gurgaon - 122 001. Tel.: 0124 - 4083854 / 4086914 / 3243535 / 4086419.GUWAHATI : 2nd Floor, Ram Kumar Plaza, Chatribari Road, Near Himatshinga Petrol Pump, Guwahati - 781 001. Tel.: 0361 - 2608122 / 2608016 / 2608102.HYDERABAD : Karvy Plaza, 8-2-596, Str. No. 1, Banjara Hills, Hyderabad - 500 034. Tel. : 040 - 23312454 Extn. 124INDORE : LG - 3, Bombay Trade Centre, Lower Ground Floor, Grand Hotel , Opp. Bombay Hospital, Scheme No. 54, Indore - 452 010 . Tel.: 0731-3243601 / 05JAIPUR : S-16 A, 3rd Floor, Landmark, Opposite Jaipur Club, Mahavir Marg, C- Scheme, Jaipur - 302 001. Tel.: 0141 - 2363321 / 2375039 / 2364660.JAMNAGAR : Sanskruti, 5, Patel Colony Corner, Opp. UTI Bank, Jamnagar - 361 008. Tel: 0288- 3299330/332JAMSHEDPUR : Kanchan Tower, IIIrd Floor, Chhaganlal Dayalji & Sons, 3-S B Shop Area, (Near Traffic Signal), Main Road,Bistupur, Jamshedpur - 831 001. Tel.: 0657 - 2487045 / 2487048.KANPUR : 15/46, B, First Floor, Opp. Muir Mills, Civil Lines, Kanpur - 208 001. Tel.: 0512 - 3296000 / 3293222.KOLHAPUR : Omkar Plaza, 1st Floor, Unit - F2 & F4, Rajaram Road, Next to ICICI Bank Ltd., Kolhapur - 416 008. Tel.: 0231 - 2520650 / 55.KOLKATA : 16, Jatin Bagchi Road, Kolkata 700 029. Tel. : 033 - 24659267 / 24659263 / 39518643.LUCKNOW : 94, Mahatma Gandhi Marg, Opp. Governor House, Lucknow - 226 001. Tel. : 0522 - 3949039 /2236819 / 20 / 21.MADURAI : Rakesh Towers, 30-C, Bye Pass Road, 1st Floor, Opp. Nagappa Motors, Madurai - 625 010. Tel: 0452- 2600852/53/54MUMBAI : Das Chambers, Ground Floor, Opp. BSE & Next to Corporation Bank, Dalal Street, Fort, Mumbai - 400 023. Tel. : 022 - 66235353BORIVALI : Shankar Ashish, 1st Floor, R. C. Patel Road, Sodawala Lane, Near UTI Bank, Borivali (West), Mumbai - 400 092. Tel.: 022 - 28901247 / 0812,0648 - 2893 0550THANE : 2, Ghantali Sai Prasad Co-Op, Housing Society Ltd, Ram Ganesh Gadkari Peth, Near ICICI Bank Lane, Ghantali, Thane - 400 602. Tel.: 022 - 67924561/62 / 63 / 64NAGPUR : Sadoday Arcade, Above Top N Town, Dharampeth, Nagpur - 440 001. Tel.: 0712 - 6619382 / 0513.NASIK : F-1 Suyojit Sankul, Sharanpur Road, Nasik - 422 002. Tel.: 0253 - 6602542 / 43 / 44NEW DELHI : Karvy Computershare Pvt. Ltd., 2E / 23, Jhandewalan Extn., New Delhi - 110 055. Tel.: 011- 43681700PANJIM (GOA) : No.7 & 8, El. Dorado Plaza, Heliodoro Salgado Road, Panjim - 403 001. Tel.: 0832 - 3950660 / 2426871 / 72 / 73 / 74.PATNA : 3A, 3rd Floor, Anand Tower, Beside Chankya Cinema Hall, Exhibition Road, Patna - 800 001. Tel.: 0612 - 3209296 / 2321534PUNE : Shrinath Plaza, C-Wing, 3rd Floor, Office No. 58 & 59, Dnyaneshwar Paduka Chowk, F. C. Road, Survey No. 184 / 4, Pune - 411 004. Tel.: 020 - 25533795 / 3592 / 2783 / 9957.RAJKOT : Karvy Computershare Pvt. Ltd., 104, Siddhi Vinayak Complex, Dr. Yagnik Road, Opp. Ramkrishna Ashram, Rajkot. Tel. No.: 9328244392SALEM : 49 / 50, Fort Main Road, Old No.17, First Floor, Shevapet, Salem - 636 002. Tel: 0427- 2210835 / 836 / 983SURAT : G-16 Empire State Buliding, Nr. Udhna Darwaja, Ring Road, Surat - 395 009. Tel.: 0261 - 3017158 / 3237924.TRICHY : 60 Srikrishna Arcade, 1st Floor, Thennur High Road, Trichy - 621 017. Tel: 0431- 2791322 / 8200 / 3799 / 3800 / 1000TRIVANDRUM : 2nd Floor, Akshaya Towers, Sasthamangalam, Trivandrum - 695 010. Tel.: 0471 - 2725987 / 2725989 / 2725991.VADODARA : PICCADILLY, Office # 5, 1st Floor, Opp. Adani Super Market, Jetalpur Road, Vadodara - 390 007. Tel. : 0265 - 2225210 / 3243293.VIJAYAWADA : 39-10-7 Opp. Municipal Water Tank, Labbipet, Vijayawada - 520 010. Tel: 0866- 2495500/88VISAKHAPATNAM : 47-14-5/1 Eswar Paradise, Dwaraka Nagar, Main Road, Visakhapatnam - 530 016. Tel.: 0891 - 2513362 / 2752915 / 16 / 17 / 18.

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